CAPITAL MARKETS

KGL raises funds for Jervois copper progress

NT asset at the feasibility stage

Staff Reporter
 Jervois copper project, NT

Jervois copper project, NT

The $24 million is priced at 42c per share, with the funding to go towards its feasibility work and exploration. 

Undisclosed institutions have outlaid half the funding sought, with the balance to be raised by a non-renoucemeable entitlement offer. 

Prefeasibility numbers included a net present value of $177 million pre-tax and an internal rate of return of 23%, with a copper price of US$3.08 per pound used - currently $4.06/lb - and an US:AUD exchange rate of 71c (versus about 77c of late). 

Life-of-mine all in sustaning costs are put at $2.25/lb. 

KGL is currently on the hunt for a CEO. 

The company started the current quarter with A$5.8 million. 

Shares in KGL were up 6.5% to A49c in mornign trade, capitalising the company at $165 million.  

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

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