CARAVEL MINERALS (ASX:CVV) The Fortescue (ASX:FMG) connection is...

CARAVEL MINERALS (ASX:CVV)

The Fortescue (ASX:FMG) connection is growing stronger at copper hopeful Caravel Minerals, up over 16% the day after Greg Lilleyman came on board as a strategic advisor.
Led by Fortescue’s old director of projects Don Hyma, Caravel has brought one of Australia’s best known mine builders into the fold.
A former CEO of small iron ore miner Nathan River Resources, Lilleyman’s four year stint as COO at Fortescue ended abruptly amid blowouts in the multi-billion dollar Iron Bridge magnetite project in 2021.
But his 26 year stint at Rio Tinto (ASX:RIO) is remembered for the pioneering role he played bringing new technology into the Australian mining industry, including implementing remote operating centres and autonomous haulage for the world’s biggest iron ore miner.
“I have followed Caravel’s progress of the Project with great interest and am pleased to now have this opportunity to be involved at this important stage of final feasibility,” Lilleyman said.
“Caravel stands out against a handful of new copper projects globally, that has the near-term potential to become a major long-term producer. I am very excited to be working with the Caravel team to help move this Project towards production.”
Hyma was also a major player at Rio, having been vice president of projects at its Iron Ore Company of Canada and general manager of projects for its Pilbara iron ore division.
Technology is a core component of Caravel’s proposal for the 65,000tpa mine of the same name, envisaging the use of autonomous haulage and remote operations at the large scale copper development.
Final feasibility studies are under way.
“We are absolutely delighted that Greg has come on-board as a Strategic Advisor, bringing a wealth of experience and a unique skillset that will be hugely valuable to Caravel as we work towards the development of our flagship Caravel Copper Project in WA,” Hyma said.
“We are particularly excited by Greg’s significant experience in designing and implementing next-generation technologies at mine sites. These technologies are set to play a pivotal role in the Caravel Project development, with a core focus within the Caravel Board on maximising mining efficiencies, minimising costs, and maximising margins.”
“Greg also brings significant experience and strong contacts to support our project finance strategy as we move towards the completion of feasibility studies for the Caravel Project.”
The most recent capital cost floated for the development clocked in at $1.7 billion, paid back in 4.9 years at US$4/lb copper and all in sustaining costs of US$2.07/lb.