Gold and copper explorer AIC Mines has met its 2023-24 financial year (FY24) production targets for the Eloise copper mine in north Queensland.
AIC Mines acquired the Eloise mine in November 2021 from FMR Investments for $27 million. FMR is now AIC’s largest shareholder, holding between 26–29.9 percent of the company.
Since acquiring the mine, AIC has focused on improving operational reliability at Eloise. This has been achieved by investing in a mining fleet to enhance availability, developing additional ore sources such as the Macy North and Lens 6 deposits, and prioritizing employee feedback to boost engagement and reduce turnover.
As a result, Eloise has met its FY24 guidance of producing 12,500 tonnes of copper and 5,000 ounces of gold concentrate.
“This is an excellent outcome and testament to the energy and ability of the team at Eloise and the targeted capital investment made by AIC Mines over the past two years,” said AIC Mines managing director Aaron Colleran.
Last month, the Queensland Government granted AIC a mining lease for its Jericho deposit, located 4 km southeast of Eloise, which it acquired in January 2024. The lease allows AIC to begin surface works at Jericho.
“Development of a new underground mine at Jericho is a game changer for our Eloise copper mine,” Colleran stated on May 17. “It provides a pathway to expanding annual production at Eloise to over 20,000 tonnes of copper and 10,000 ounces of gold in concentrate. Mining at Jericho will be lower cost than Eloise as it is much shallower, commencing below only 50 meters of cover. Expansion of the Eloise processing plant will further reduce operating costs through economies of scale and equipment improvements.”
AIC is also developing a 3 km underground link drive from Eloise to Jericho, which will branch off from the Eloise decline at 125 meters below the surface.