Universal Resources has resumed efforts to finance a copper mine outside Mount Isa as metal prices and credit markets improve.
Universal Resources managing director Peter Ingram said the company was now optimistic that it could secure funding for the $200 million-plus project in an improved economic climate and was actively involved in discussions with financiers.
“This is probably the most advanced undeveloped copper project in the district or, in fact, Australia,” Mr Ingram said. “We were having our discussions with banks in October- November last year when the crunch came and it became obvious we weren’t going to be able to fund it in that climate. Copper prices plunged to $US1.25 (per pound) – but they are now back around $US2.95 and most of the analysts we’ve talked to are very positive about the future of copper prices.
“The improving environment for metal prices and project financing means we’re now re-activating the project.” A proposed merger between Universal and Vulcan Resources, announced recently..............(continued)
Full article on page 14 , Mining Advocate magazine Sept/Oct 2009
