An underwriting syndicate led by Paradigm Capital is supporting the issue of 19 million shares priced at $C6.50/share, with the funds to be used for development of the company’s projects in the DRC.
Anvil is currently considering SX-EW developments at the Mutoshi and Kinsevere projects, both of which it has 70% stakes in.
A bankable feasibility study for Mutoshi is underway and expected to be completed by the third quarter. A study completed late last year pointed to a 30,000t per annum copper cathode producing operation costing around $US57 million and yielding the red metal at $US0.49 per pound.
While Mutoshi enjoys good infrastructure advantages – including its location more or less underneath hydroelectric power – Anvil is keen to add to the five year mineable resource at the project to further confirm the development potential.
Kinsevere, where a scoping study is underway, currently has a bigger resource of 348,000t of contained copper, with the comparative downside being its isolation – it’s about 27km from power.
MiningNews.net understands a decision on which project will be developed first is expected in the next couple of months.
Unhedged Anvil currently produces around 20,000tpa of copper from its 90%-owned Dikulushi mine, and has more recently been developing the Kulu coarse rejects/tailings project from which 16,500t of copper is forecast this year.
The ASX-listed shares in Anvil were off 1c (1.3%) in midday trade. Anvil initiated a listing on the Toronto market back in 2004.
