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MOD again modifies T3 approach

MOD Resources (ASX: MOD) has increased the size of its planned copper project development by 20% to three million tonnes per annum and has appointed debt advisors as it moves towards the financing stage.
MOD again modifies T3 approach MOD again modifies T3 approach MOD again modifies T3 approach MOD again modifies T3 approach MOD again modifies T3 approach

MOD's project in Botswana continues to grow

Staff reporter

Azure Capital and Terrafranca Advisory have got the debt gig, with previous prefeasibility work pointing to a development costing between US$155 million and $192 million for a processing project of 2.5Mtpa capacity and 4Mtpa, respectively.

As of this week, MOD is looking at an initial 3Mtpa development, with feasibility numbers due in the first quarter next year.

Azure is a Perth-based advisory, while London based Terrafranca looks an appointment made with reference to MOD's recently announced plan to list on the LSE.

MOD said the increase in size of the initial development followed the recent "major increase in the T3 resource", with a 44% jump in resources - to 60Mt grading 0.98% copper and 14 grams per tonne silver - reported early last month.

Shares in MOD were up 1% to A50c in morning trade, capitalising the company at $116 million.

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