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- KGL Resources (KGL) has received the green tick from the Northern Territory Government for its mining management plan at the Jervois Copper Project
- This approval is a major step in the development of Jervois project
- Now, with the pre-feasibility study completed and the authority to mine is approved, discussions has commenced on project financing and marketing of the mine’s concentrate
- KGL is confident that the drilling that will begin this year will improve the quality and size of the resource
- On the market this morning, KGL is up 7.55 per cent and is trading for 28.5 cents per share
KGL Resources (KGL) has received the all-clear from the Northern Territory Government for its mining management plan at the Jervois Copper Project.
The decision was announced today by the NT Mining Minister, Hon. Nicole Manison.
This approval is a major step in the development of Jervois. The company purchased the project in 2011 and since then successfully defined a current JORC Resource of 20.97 million tonnes at 2.03 per cent copper and 31.9g/t of silver.
KGL is confident that the drilling that will begin this year will improve the quality and size of the resource.
“Our current project planning takes into account the conditions attached to the Government response, so this landmark approval provides an essential clearance for Jervois,” Chairman Denis Wood said.
“The recently announced pre-feasibility study (PFS) results show that the high-grade Jervois deposit will support a robust initial 7.5-year mining operation,” he added.
“The new information will be fed into the full feasibility study (FS) which now has the company’s highest priority. Work is already well advanced on the FS, which we expect will improve the economics of Jervois even further,” Denis concluded.
Now, with the PFS completed and the authority to mine approved, discussions have commenced around project financing and marketing the mine’s concentrate.
Notably, demand for copper is expected to increase as green energy and electric vehicles come to the fore in the near term.
On the market this morning, KGL is up 7.55 per cent and is trading for 28.5 cents per share at 11:49 am AEDT.
