Aurelia Metals has announced it has received regulatory approval to extend the life of its Peak gold and base metals operations up until 2035, following the New South Wales Government issuing development consent for the New Cobar Complex.
The New Cobar Complex is a State Significant Development (SSD) that amalgamates the existing approved underground mining of the Chesney and Jubilee deposits, and development of new underground workings at the Great Cobar and Gladstone deposits.
The approval allows the establishment of a new underground mine at the Great Cobar copper-gold deposit increasing the Company’s exposure to a critical, future-facing commodity experiencing significant demand and record prices.
The Great Cobar Pre-Feasibility Study (PFS) released in January 2022 supported the development of a new satellite mine based on initial mining at Great Cobar with a maiden 840,000 tonne Ore Reserve to offset mining depletion at Peak. The PFS also showed mining Great Cobar could deliver 2.3 million tonnes to the Peak mines process plant over a nominal five-year production period to produce high-quality copper gold concentrate and gold silver doré.
The investment of $65 million in the underground mine delivers economic benefits to the Central West NSW region, including sustaining 400-plus jobs at the Peak operations and an additional 140 jobs during the construction phase.
Aurelia anticipates it will commence development of the Great Cobar exploration drive in mid CY2022, which will enable the Company to conduct underground exploration and resource drilling to target the upside potential of the deposit that has already been supported by the recent deeper drilling results that post-date the PFS findings.
Chief Executive Officer and Managing Director, Dan Clifford, said, “Aurelia has reached a critical milestone in our strategy to optimise our assets through extending mine lives, as well as positioning the Company as ‘copper ready’ – a commodity that will be the foundation in a global shift to towards a decarbonised society.
“Our team has done a great job in bringing the project online at a time where copper prices are collecting more than US$9,000/tonne. We are also excited by the fact Auerlia is one of the only producers in the region to bring a new copper deposit into production in just two years’ time – a catalyst that will deliver significant value for our shareholders and stakeholders, in particular the communities where we operate.
“We would like to acknowledge and thank the Cobar Shire Council, the Department of Planning and Environment and the NSW Government, the traditional custodians of the land the Ngemba, Ngiyampaa, Wangaaypuwan and Wayilwan people and the local community for their support of this important project.”
