Australian mining company AIC Mines Limited has entered into an agreement to acquire Matera Metals Limited with a copper mine Mt Cuthbert in north-west Queensland. This is reported in a press release from AIC Mines.
As part of the $120 million deal, AIC Mines is acquiring a second copper mining center in addition to the existing Eloise-Jericho mine. The transaction is expected to be completed at the end of 2026, subject to regulatory approval.
At the same time, AIC Mines entered into an agreement to acquire 88.1 million new shares by Hawke's Point Resource Finance for $70 million, which will be used to finance the transaction, accelerated development and exploration of resources.
Mt Cuthbert is a promising copper mine 150 km from the Eloise-Jericho project with promising areas ready for drilling. Resources are concentrated at the Crusader, Mt Cuthbert and Mt Watson fields. AIC Mines intends to expand production at the Mt Cuthbert mine at the first stage to 1.1 million tons per year and put it into operation in December 2026.
At the same time, AIC Mines plans to produce up to 18.5 thousand tons of copper and 7.5 thousand ounces of gold at the Eloise-Jericho mine.
AIC Mines Limited is an Australian mining company with headquarters in Subiaco (Western Australia).
Matera Metals Limited is the Australian owner of the Mt Cuthbert copper project in north-west Queensland (Australia).
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