finance and off take announcement this week

spoke to director friday night and expect an announcement regarding finance shortly. director said company has off take agreements that will help secure the finance. its great news. todays age confirms what was said. poor buggers who panic sold on friday after holding for so long. wouldnt be surprised to see url go into trading halt

Universal new copper mine to cost $338m
Email Print Normal font Large font September 15, 2006 - 4:44PM

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AdvertisementJunior miner Universal Resources will need to spend $338 million to develop the Roseby copper project, which it says will become one of Australia's largest copper mines.

A feasibility study indicated the open pit mine would produce up to 34,000 tonnes of copper and 14,700 ounces of gold a year for eight and a half years from the end of 2008.

Universal has appointed Prime Corporate Finance to advise on the debt portion of the capital raising and Universal said it was talking with a number of banks.

Using a conservative copper price of $US2.00 a pound the project's capital costs are paid back within 3.6 years while using a price of $US3.50 a pound payback it takes 1.4 years.

Copper is currently trading around $US3.40 a pound.

© 2006 AAP
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