AIC Mines Ltd (A1M)
Hi As shareholders of AIC, have you considered what the effect the potential closure of Glencore's copper concentrator in Queensland will have on AIC. Thank you.
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Answer
Hi Hylton,
AIC Mines operates the Eloise Copper Mine, located approximately 60 km southeast of Cloncurry in North Queensland. This underground mine has its own on-site processing facility, with plans to expand the Eloise processing plant’s capacity from 725,000 tonnes per annum to 1.1 million tonnes per annum, as it aims to increase annual production to over 20,000 tonnes of copper and 7,500 ounces of gold.
Eloise has a life of mine offtake agreement with Trafigura, so no impact from Mt Isa. A similar contract with Jericho is in the offing, so closing Mt Isa could take out a potential customer, but We suspect Trafigura is in the box seat anyway as a life if of mine deal over Jericho is likely to be announced with the debt package to pay for the Eloise plant upgrade.
