A$25m extra firepower for Andean's Chile exploration
Australian company Andean Silver has announced a successful A$25-million placement to fund its exploration activities at its Cerro Bayo silver project, in Chile.
The placement, priced at a discounted A$1.05 a share, was well supported with strong demand from existing and new domestic foreign investors, particularly from northernhemisphere-based groups.
“The overwhelming demand for the placement and the quality of investors reflects the outstanding exploration and resource growth outlook at Cerro Bayo,” said Andean CEO Tim Laneyrie.
In seven months of ownership, Andean has delivered an increase of 66-million ounces of silver-equivalent in mineral resources, taking it to 91-million silver-equivalent ounces.
“We have also made significant discoveries which remain outside the mineral resource estimate,” said Laneyrie.
“The proceeds of this placement will mean we can add extra firepower to discovery and resource conversion with up to four drill rigs on-site over the coming months,” he stated.
Andean will deliver its next mineral resource upgrade in the first quarter of the next calendar year.
“We have demonstrated the potentially significant scale of Cerro Bayo at a time when the demand for silver is increasing and stockpiles are being drawn to meet the demand in areas such as solar panel construction.”
The Cerro Bayo project was in production for more than 15 years, producing about 45-million ounces of silver and 650 000 oz of gold. The mine has been on care and maintenance since October 2022.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
