Revolver Resources (ASX:RRR) Partners with CCIIA for Copper Cathode Offtake and Funding at Dianne Mine

August 08, 2024 10:51 AM AEST | By Aditi Sarkar

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Revolver Resources (ASX:RRR) Partners with CCIIA for Copper Cathode Offtake and Funding at Dianne Mine — Image source: Company update

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Highlights

Revolver Resources and the CCIIA are exploring copper cathode offtake and funding opportunities for the Dianne Mine.

A four-person team will negotiate supply terms and project financing with the CCIIA.

The MoU aims to assess technical, commercial feasibility and final sale agreements with the CCIIA.

Revolver Resources Holdings Limited (ASX:RRR) has entered into a memorandum of understanding (MoU) with the China Copper Industry Investment Alliance (CCIIA) to explore offtake and funding opportunities for copper cathode production from the Dianne Copper Mine. The MoU sets the stage for evaluating both the technical and commercial feasibility of delivering copper cathode and is intended to lead to final sale agreements.

CCIA is a major Asian industry investment consortium.

To facilitate this process, Revolver and CCIIA have established a dedicated cathode supply team of four members. This team is responsible for negotiating binding terms for the offtake supply of cathode from the Dianne Copper Mine and securing necessary project development financing.

Reflecting on the development, Revolver Managing Director, Pat Williams, commented: “Revolver is in a highly unique and attractive position of having a high-grade copper deposit at-surface within the historic Dianne Copper Mine. The opportunity presented by targeted recommencement of production at Dianne next year is a relatively low development risk, and capital-lite. Generating significant revenues from the Dianne Mine also delivers attractive, shareholder-friendly access to funding for ongoing exploration of our highly prospective exploration tenure at the broader Dianne and Osprey Projects. In addition, the funding arrangements in discussion with the CCIIA have the potential to deliver excellent Revolver shareholder outcomes and minimise the dilutive effects of more conventional equity financing.”

Recommencement of Dianne Copper Mine Production Gains Momentum

Revolver Resources is making significant progress towards recommencing production at the Dianne Copper Mine. The company has completed initial process engineering for a cost-effective heap leach/SX-EW project, setting the stage for a promising update to the Dianne Deposit Mineral Resource Estimate.

With key pre-construction activities progressing as planned, Revolver aims to commence mining operations by the first half of 2025. This timeline aligns with the company’s goal to achieve a final investment decision (FID) later this year.

The project has received a substantial boost through a AU$1.3 million grant from the Queensland Government’s Critical Minerals and Battery Technology Fund. This funding underscores the project's potential and reinforces the anticipated benefits of resuming production at the Dianne Copper Mine, including the production of LME-grade copper cathode.

RRR shares closed at AU$0.064 on 8 August 2024.

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