Carnaby buys copper deposit, seals offtake with Glencore
ASX-listed Carnaby Resources on Friday announced an agreement to acquire the high-grade Trekelano copper deposit near its Greater Duchess project in Mt Isa, Queensland.
“This is a transformative series of events for Carnaby,” said MD Rob Watkins. He said the Trekelano acquisition was a “rare opportunity to bolt on” high-grade critical mass to the Greater Duchess copper/gold project, resulting in a proforma mineral resources increase of 27% to 400 300 t at 1.5% copper equivalent.
The new deposit has the potential to boost the Greater Duchess production target from 15 000 t/y to between 20 000 t/y and 25 000 t/y of copper equivalent.
In addition, Carnaby secured a startup processing solution with Glencore, involving a A$3.4-million equity investment. The company entered into a binding term sheet agreement with Glencore for tolling and offtake for 100% of the fresh sulphide ore and concentrate from the project.
To fund the acquisition, Carnaby has received commitments of A$17-million in a two-tranche placement. Directors have committed to subscribe for $500 000.
“High quality institutional investor support of the raise to facilitate the acquisition, prefeasibility study and ongoing exploration is a further endorsement of the company’s strategy. Above all, we continue to explore and look forward to continued success as we progress the Greater Duchess project towards development,” said Watkins.
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