Discovery raises cash to go underground
PERTH (miningweekly.com) – Copper miner Discovery Metals Limited (DML) would raise up to A$25.7-million to develop its Zeta underground mine at the Boseto copper project, in Botswana.
The miner announced its intention to undertake a two-for-one renounceable rights issue, priced at 2c a share, with one option to be attached to each new share.
The rights issue would be conditional upon the raising of a minimum of A$10-million.
“The funds raised by the proposed rights issue will allow DML to commence the transition of the Boseto copper project from openpit to underground mining, in order to unlock value contained within the significant mineral resource inventory which exists at Boseto,” said chairperson Jeremy Read.
“Within a two-year period, we are aiming to have commenced two declines at the Zeta underground mine, with ultimately three underground mines to be developed at Boseto.”
Read said that this would allow the concentrating facility to be filled with higher-grade sulphide ore, leading to significant improvements in the recovery of copper and the overall tonnes of copper produced on a yearly basis.
DML was granted government approval to develop the Zeta underground mine in April this year. At steady levels, the Zeta underground mine would produce about 1.5-million tonnes a year, at 1.3% copper.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
