AIC Mines Secures Mining Lease Approval for Jericho Copper Mine

AIC Mines Limited has disclosed that the Minister for Resources and Critical Minerals Queensland, Mr. Scott Stewart, has approved the mining lease for the Jericho Copper Mine. Subsequently, the Queensland Government's Department of Resources has granted the lease.

This authorization permits the initiation of surface works at Jericho within a maximum area of 10 hectares and allows for mining development activities with a maximum of 20 on-site personnel. Studies aimed at optimizing Jericho's mining operations, which aim to mitigate initial schedule risks and finalize longer-term operational strategies, are currently underway. A key aspect of this endeavor involves exploring direct underground access to Jericho from the Eloise portal via a 3.6 km link drive.

In response to the approval of the Jericho Mining Lease, AIC Mines' Managing Director Aaron Colleran remarked: "AIC Mines secured the Jericho copper deposit in January of last year. The grant of the Mining Lease within just 16 months of ownership underscores the project's caliber, the dedication of the AIC Mines team, and notably, the clarity and reliability of the Queensland mining approvals procedure."

"The issuance of the Jericho Mining Lease marks a significant milestone in the development progress of Jericho. It enables us to progress surface works for mining readiness, secure long-lead time items, and proceed with confidence in negotiations with lenders. During a 24-month construction phase, the project anticipates employing around 150 individuals, followed by the addition of 100 permanent employees upon production commencement."

" The initiation of a new underground mine at Jericho signifies a significant milestone for our Eloise copper mine, paving the way for increased annual production surpassing 20,000 tons of copper and 10,000 ounces of gold in concentrate. Mining operations at Jericho are anticipated to be more cost-effective than those at Eloise due to its shallower depth, commencing below just 50 meters of cover. Additionally, expanding the Eloise processing plant will drive down operational expenses further by leveraging economies of scale and enhancing equipment efficiency."

"As the world shifts towards renewable energy infrastructure, the demand for copper is on the rise, and AIC Mines is committed to meeting that need. Operating in Queensland provides us with access to abundant copper resources, robust mining infrastructure, and a skilled workforce, positioning us well to cater to the growing global demand for copper."

Located just 4 kilometers south of the Eloise processing plant, the Jericho copper deposit shares similar geological characteristics, mineralization, and metallurgical properties with Eloise. The advancement of the Jericho mine, coupled with the expansion of the Eloise processing facility, is set to raise production levels to more than 20,000 tons of copper annually and 7,500 ounces of gold annually. This expansion is expected to drive down operating costs through economies of scale and mitigate production risks by diversifying available ore sources. The development of Jericho marks a significant transformation for Eloise, solidifying its position as a key asset within the company's portfolio.