News: Rex Minerals clinches key mineral tenure for Hillside copper project

Rex Minerals (ASX:RXM) should firm in trade after receiving a formal offer of mineral tenements for its Hillside Copper Project, on South Australia’s Yorke Peninsula.

These South Australian Government approvals are a major milestone for Rex, almost 7 years after exploration commenced and following over 3 years of community consultation, public forums, community input and regulatory review.

The tenements offered comprise a Mining Lease, an extractive minerals lease, and an associated miscellaneous purposes licence, to allow for mining and associated activities, mineral processing, and the provision of power and water corridors.

Following grant of the tenements, Rex can proceed with the future development of its Hillside Project.

Hillside has previously received Commonwealth consent under the Environment Protection and Biodiversity Conservation
Act and, in March this year, South Australia’s Development Assessment Commission granted approval for modifications of road network upgrades and to access to port at Ardrossan, which currently loads dolomite.

Hillside holds Australia’s largest open pit copper ore reserves and with this development it is one step closer to becoming a producing mine.

Hillside’s key attributes include its comparatively low capital intensity and cash generating potential underpinned by a 12 year JORC Reserve base of 936,000 tonnes contained copper, 752,300 ounces of gold and 25.7 million tonnes of iron.

The project is expected to produce 75,000 tonnes of copper, or 110,000 tonnes of copper equivalent, per annum.