- CEO
- Aaron Mark Colleran Finance
- Full Time Employees
- 13
- Sector
- Basic Materials
- Industry
- Other Precious Metals
- Address
- 435 Roberts Road Subiaco WA Australia 6008
- IPO Date
- Jun 24, 2008
- Business
- AIC Mines Limited AIC Mines Limited engages in the exploration, development, production, and sale of copper concentrate from its high-grade underground Eloise Copper Mine located southeast of Cloncurry in North Queensland, Australia; the company produces approximately 12,500 tonnes of copper and 5,000 ounces of gold in concentrate annually through on-site crushing, grinding, and sulphide flotation processes yielding a high-quality copper concentrate with significant by-product gold and silver; it advances a portfolio of copper and gold exploration projects including the Jericho copper deposit four kilometres southeast of Eloise, the Eloise Regional Project covering 2,000 square kilometres, Marymia Project in Western Australia, Lamil Project in the Paterson Province, Delamerian Project in western New South Wales, Pyramid gold project south of Charters Towers, Windsor Base Metals Project, Peake and Denison Copper Project, Sandy Creek, and Artemis deposits. Founded in 1993 and headquartered at 130 Hay Street, Suite 3, Subiaco, Western Australia, AIC Mines Limited operates primarily in Australia with a focus on building a portfolio of gold and copper assets through exploration, development, and acquisition; the Eloise mine, which commenced production in 1996, has produced over 376,000 tonnes of copper and 195,000 ounces of gold to date. In recent developments, the company commences development of the Jericho deposit in June 2024 via a 3-kilometre underground link drive to the Eloise decline and expands the Eloise processing plant from 725,000 tonnes per annum to 1.1 million tonnes per annum capacity; it secures a $55 million equity placement in June 2025 from existing shareholders, new North American and UK investors including Hawke’s Point with whom it enters a strategic investor agreement for potential future support, and a US$40 million prepayment facility plus offtake agreement with Trafigura for minimum 400,000 dry metric tonnes of Jericho copper concentrate over 36 months at market-standard terms with an 18-month grace period; these initiatives fully fund a $215.8 million capital program including plant expansion, Jericho development, tailings upgrades, and exploration across its tenements while Eloise generates supporting free cash flow.