Queensland copper miner AIC Mines on Wednesday pushed the button on the development of the A$50-million Jericho mine, which is set to transform its Eloise operation into a cornerstone asset.
Development of the Jericho mine and expansion of the Eloise processing plant will lift production to more than 20 000 t/y of copper and 7 500 oz/y of gold.
AIC has opted for an underground link drive directly from the Eloise decline for Jericho, as opposed to a covered boxcut and portal.
The link drive will take off from the Eloise decline at 125 m below the surface and involves a 3 km drive. The project is expected to be completed over about 24 months and to reach first development ore in June 2026.
"The Eloise to Jericho link drive will have many long-term benefits – access will be considerably easier to maintain during the wet season and also allows rapid drilling and development of any new discoveries along the 3 km of prospective strike,” said AIC MD Aaron Colleran.
AIC has completed a tender process for combined Eloise and Jericho underground development work and has awarded PYBAR Mining Services – the incumbent contractor at Eloise – preferred bidder status. The contract is expected to be awarded next month.
Further, GR Engineering Services is on site at Eloise to plan a processing plant expansion, estimated to cost A$60-million.
Colleran said that the time-critical activities at the Jericho project would get under way immediately with equipment and capacity from Eloise.
AIC on Wednesday moved to raise A$57.2-million in an institutional placement of 110-million shares at a discounted A$0.52-a-share issue price.
The proceeds, combined with A$25.7-million cash on hand, will be used for the Jericho drive development, link drive ventilation shafts and fans, as well as working capital.
