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."
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