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Chile-focused copper tailings reclamation firm Copper Bay plans to raise £10m and join Aim on 13 February.
Process tailings have been deposited in Chanaral Bay over the past four decades. This site is near to the local mining centre of Copiapo. It is estimated that 250m tonnes of copper bearing tailings have been disposed of in the river that flows in the bay.
The cash raised will be used to commission a definitive feasibility study on the Chanaral project, which will include a resource estimate. The company will also commission an environmental and social impact assessment. The project should have a positive effect on the area by removing the copper from the sands.
Copper Bay will produce copper cathodes and copper concentrate. Initial production could be as early as the first quarter of 2015. Operating costs are expected to be around $1.44/pound. The capital cost will be in the region of $240m. Based on a copper price of $6,612/tonne, the net present value of the project should be $242m, after tax.
Cairn is nominated adviser and Ocean Equities broker.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf
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