AIC secures $40m prepayment for Eloise plant expansion
Copper producer AIC Mines has signed a $40-million prepayment facility and offtake agreement with global commodity trader Trafigura to fund the expansion of its Eloise processing facility in north Queensland.
The prepayment facility, which is tied to offtake from the Jericho mine, provides funding without commodity hedging requirements and includes early repayment flexibility. The agreement secures the delivery of a minimum of 400 000 dry metric tonnes of copper concentrate from Jericho.
“We ran an extensive tender process and received competitive financing terms from a number of lenders, with Trafigura presenting the best overall terms,” said AIC Mines MD Aaron Colleran.
“Trafigura has been a supportive and committed business partner to AIC Mines since 2021 when we first entered into a life-of-mine offtake agreement over Eloise concentrate. Extending this relationship to now include Jericho concentrate makes good business sense.”
Meanwhile, AICM has awarded an engineering, procurement and construction contract to GR Engineering for the expansion of the Eloise processing facility.
The contract, valued at A$77.6-million, comprises the design, procurement, construction, installation and commissioning of an upgrade to the existing processing plant, which includes a new crushing and screening plant, a new grinding and classification circuit and a new rougher flotation circuit.
Commenting on the award, GR Engineering MD Tony Patrizi said the company had a strong track record of successful project delivery in Australia in the base and precious metals sector, including in northern Queensland. "We look forward to working with the AIC Mines team on the project as it expands its existing processing facility."
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Projects
Latest Multimedia
Showroom
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
