METS

Good Botswana news for Ausdrill

Cupric Canyon Capital’s securing this week of US$85 million of equity financing to take available funding for the proposed Khoemacau copper project in Botswana to $650 million has been welcomed by shareholders of Australian contractor Ausdrill, which had a $560 million underground mining contract riding on support for the project.

Staff reporter
Good Botswana news for Ausdrill

ASX-listed Ausdrill (ASL) has had a good week, climbing nearly 6%, though it dipped today. The company's shares are up about 27% over the past month, capitalising it at about A$1.34 billion.

Ausdrill said the five-year contract for its Barminco subsidiary to develop and operate Cupric's Zone 5 Mine, announced last month, was contingent on privately-owned Cupric locking down the big funding package to get a 3.6 million tonnes per annum mine and upgraded nearby Boseto processing plant operational. Barminco is expected to start development of Zone 5 in December this year.

"This is one of the largest contracts awarded to Barminco and a major opportunity for Ausdrill under our international growth strategy," Ausdrill managing director Mark Norwell said.

"We are delighted that the funding package has successfully closed and look forward to delivering on this significant project."

 

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