AIC Mines Limited advances A$35m Jericho Copper Mine development

AIC Mines Limited (ASX: A1M) has committed A$35 million to develop the Jericho Copper Mine through an innovative underground link drive from the existing Eloise decline. This decision follows comprehensive mining studies that favored this approach over traditional methods due to its cost-effectiveness and lower environmental impact.

Enhanced Access and Environmental Benefits

The underground link drive, starting from 125 meters below the surface at the Eloise decline, extends 3.0 kilometers towards the Jericho site. This method offers significant advantages including wet-season flood protection, immediate excavation in competent rock, and reduced operating costs. It also aligns with environmental and local community interests, minimizing surface disruption and potential impacts on local stakeholders.

AIC Mines Limited’s A$35M investment into the Jericho Copper Mine development aims to enhance production and reduce costs.

Operational and Financial Strategy

The link drive is a strategic move to optimize the development of the Jericho mine, expected to commence ore development by June 2026. This project not only aims to ramp up to a production rate of 600,000 tons per year but also positions the Eloise processing plant for significant expansion. The total capital investment for the mining development and associated infrastructure is projected at A$35 million over the next 24 months, with an additional A$60 million planned for expanding the Eloise processing plant.

Future Outlook

This development is a testament to AIC Mines Limited’s forward-thinking approach in leveraging existing infrastructure to expand mining operations efficiently. By choosing the underground link drive, AIC Mines demonstrates a commitment to sustainable mining practices and cost-effective project management, potentially setting a new standard for resource development in the mining industry.

It is anticipated to have substantial economic and environmental impacts. It aims not only to increase resource output but also to incorporate sustainable mining practices, reflecting A1M’s commitment to environmental responsibility. The project is expected to create numerous jobs, stimulate local economies, and set new benchmarks in the mining industry for efficiency and sustainability.