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Avanco Resources Limited (ASX:AVB), an emerging mid-tier copper producer with two copper-gold projects underway, released its June 2015 Quarterly Activity Report.
Avanco Resources Limited (ASX:AVB), an emerging mid-tier copper producer with two copper-gold projects underway, released its June 2015 Quarterly Activity Report.
The highlights as quoted in the press release:
- The Company secured an ~$80 million financing package for the Antas Copper Mine comprising of:
- $63.6 million1 financing comprising of a 15% Placement followed by an Entitlements Issue for a further $19.94 million and $43.68 million respectively at an issue price of $0.08 per share
- Financing was supported by BlackRock and Appian, with new investor Greenstone Resources4 taking a cornerstone position
- US$4 million (first tranche) payment received from BlackRock, as per the Royalty Agreement
- Board authorised the start of construction to benefit from approaching dry season
- Construction has started well , ~50% of build Capex committed within budget
- A LOI signed with mining services group for operation of the open pit
- At the neighbouring Pedra Branca6 Project, 65% of Resources have been converted to Indicated Category. This resulted in the high grade JORC Resources increasing by 18% or ~70,000 tonnes of contained Copper
- In preparation for operational readiness the Board and management team have been strengthened with the appointment of: an independent Director, the Antas Mine Manager and the Chief Financial Officer-Brazil
- The Company is in the fortunate position of being debt free and financially strong. Funds on hand are expected to be adequate to see Antas into production and advance Pedra Branca studies in parallel
Click here for the full Avanco Resources Limited (ASX:AVB) press release.
Click here for the full Avanco Resources Limited (ASX:AVB) profile.