HomeMining Industry News Capricorn Copper secures $45M Funding for Qld mine

Capricorn Copper secures $45M Funding for Qld mine

Wednesday 19th of July 2017 08:57:04 AM

Capricorn Copper Pty Ltd has signed an Agreement with BNP Paribas for A$45 million to restart its mine in Northwest Queensland.

The funding will go towards the refurbishment and restart project of its 100% owned Capricorn Copper mine.

Capricorn Copper Chairman, Owen Hegarty, said he was very pleased that BNP Paribas had joined them in one of Australia’s most exciting copper projects.

“Signing the BNP facility represents yet another positive step forward for Capricorn Copper.”

“BNP Paribas’ support, along with the refurbishment and restart project (RRP) progress puts us in a good position to take advantage of the strength we see developing in the global copper market,” Mr Hegarty said.

The funding agreement includes $40 million for project development during the construction, commissioning and ramp up stages. With a further working capital of A$5 million once the mine is operational.

The Capricorn Copper mine, located 125km north of Mt Isa in North West Queensland, has a significant high grade resource containing over 900kt of copper metal, the mine is expected to produce approximately 30ktpa of copper in a high grade concentrate over an initial life of ten years.

Capricorn Copper’s Board approved the A$110 million capital program to commence the RRP in November 2016.

The success of the 2017 exploration program has demonstrated the potential to expand the current resource estimate and is expected to extend the mine life. The RRP has progressed well with the mobilisation of key contractors achieved on schedule, including mining contractor Byrnecut, ensuring the operation remains on track to commence production in the 4th quarter of 2017.

To date, Capricorn Copper has created over 350 full time equivalent positions in operational and construction roles and is expected to maintain approximately 220 full time employees once operational.

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