Gold and copper explorer AIC Mines has achieved the 2023–24 financial year (FY24) production guidance it set for its Eloise copper mine in north Queensland.
AIC Mines officially acquired the Eloise mine in November 2021 from FMR Investments for $27 million. FMR is now AIC’s largest shareholder, holding between 26–29.9 per cent of the company.
According to AIC, since acquiring the mine, its key focus areas at Eloise has been to improve operational reliability.
The company has done this by investing in a mining fleet to improve availability, developing additional ore sources such as the Macy North and Lens 6 deposits, and having an overall focus on employee feedback to improve engagement and reduce employee turnover.
As a result, Eloise has achieved its FY24 guidance of 12,500 tonnes (t) of copper and 5000 ounces (oz) of gold concentrate.
“This is an excellent outcome and testament to the energy and ability of the team at Eloise and the targeted capital investment made by AIC Mines over the past two years,” AIC Mines managing director Aaron Colleran said.
Last month, the Queensland Government granted AIC a mining lease for its Jericho deposit located 4km southeast of Eloise, which it acquired in January 2024. The mining lease allowed AIC to commence surface works at Jericho.
“Development of a new underground mine at Jericho is a game changer for our Eloise copper mine,” Colleran said on May 17. “It provides a pathway to expanding annual production at Eloise to over 20,000t of copper and 10,000oz of gold in concentrate.
“Mining at Jericho will be lower cost than Eloise as it is much shallower, commencing below only 50m of cover. Expansion of the Eloise processing plant will further reduce operating costs through economies of scale and equipment improvements.”
AIC is also developing a 3km underground link drive from Eloise to Jericho, which will take off from the Eloise decline at 125m below surface.
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