Revolver’s stock shoots up on Dianne copper MoU
The share price of ASX-listed Revolver Resources surged 30% on Thursday as the company announced a memorandum of understanding (MoU) for copper cathode offtake from the Dianne mine, in Queensland.
Revolver agreed an MoU with China Copper Industry Investment Alliance (CCIIA) for the offtake and funding of the restart of the Dianne mine.
“Revolver is in the highly unique and attractive position of having a high-grade copper deposit at-surface within the historic Dianne copper mine. The opportunity presented by targeted recommencement of production at Dianne next year is a relatively low development risk, and capital-lite,” said MD Pat Williams.
He added that the funding arrangements in discussion with the CCIIA had the potential to deliver excellent Revolver shareholder outcomes and minimise dilutive effects of more conventional equity financing.
Revolver and the CCIIA have formed a four-person Cathode Supply Team to work towards targeted binding terms for offtake supply from the Dianne copper mine along with associated project development financing.
Revolver is aiming to start mining activities at Dianne in the first half of the 2025 financial year.
The company received preconstruction funding support through a A$1.3-million grant from the Queensland government.
As a sign of the continued and growing demand for copper metal, the members of the CCIIA formed the alliance to work collaboratively to directly source copper, a critical commodity for the growth and progress of each of their businesses. The CCIIA is presently active in large-scale international construction projects associated with the Belt and Road initiative across various African countries.
Revolver's stock traded at A$0.064 a share on Thursday.
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