‘It is our ambition to commence development in the second half of this year’: NT copper project passes magic $20m barrier

THE $200m Jervois copper mine has passed the magic $20m barrier, pushing it to within its target to fund the development

THE $200m Jervois copper mine has passed the magic $20m barrier with KGL Resources reporting its entitlement offer raised $9.57m pushing it to within $2.2m of its $23.77m target to fund the development.

The Jervois project​ is located on existing mining leases 380km northeast of Alice Springs.

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KGL Resources executive chairman Denis Wood (pictured) said passing $20m was a key milestone and the Jervois mine is now exceptionally well placed to enter the world copper market as a supplier.

The equity raising will enable KGL to optimise mine planning, complete project feasibility, undertake financing, and provide a pool of funds to test additional exploration targets in the area.

Regional Director for Kentor Minerals Denis Wood. Picture: Che Chorley

Mr Wood, who was in Darwin last week to meet with the NT Mining Minister Nicole Manison and government departments, said infill and step-out drilling has restarted at Jervois.

“The success of this raising enables us to add a second rig next month to explore the key greenfield targets,” he said.

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“The feasibility study is well under way as well as financing discussions. It is our ambition to commence development in the second half of this year, subject to the final investment decision.”