From Stock head lunchtime yest.
Stop the whingefest now and we will see whether it gets confirmed as a completed acquisition over coming days.
Otherwise, we are back to a shell with a couple of projects."Comet Resources is gearing up to raise $27m to acquire the Mt Margaret Copper Project from Glencore – with plans to restart production at the historic mine.
The company is focused on a low capex path back into production within 24 months, with the project perfectly placed just 7km from Ernest Henry Copper-Gold Mine with all its infrastructure in Queensland’s established Mount Isa/Cloncurry region mining region.
The cap raising is expected to fund pre-development activities, to review historical data for drilling targets and to kick off extension drilling.
“The mine has successfully produced for two years from 2012 to 2014 in a copper environment that was a lower price that it is right now – and it was profitable back then so it’ll be profitable now, “ Comet Resources (ASX:CRL) MD Matthew O’Kane said.
“It’s got an existing resource there of 13Mt at 0.78% copper and 0.24g/t gold, but historically, there was a much larger resource done prior to the project going into production, so all we basically have to do is drill a few holes and then re-estimate the resource less mining depletion.” "
