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Highlights
- Copper recovery at Elizabeth Creek reaches up to 95.9%
- Positive leach test results could enhance project economics
- Coda Minerals advancing feasibility work to prepare for development
Coda Minerals (ASX:COD) has reported encouraging metallurgical results from its Emmie Bluff deposit, part of the company’s wholly owned Elizabeth Creek Copper-Cobalt Project in South Australia. This update forms a key part of the company’s ongoing prefeasibility study and highlights Coda’s focus on unlocking long-term value from its copper assets.
In the latest round of testwork, the company trialed two whole-ore leach methods. The catalysed ammonia oxidative leach achieved a copper recovery rate of 92.5%, while the ammonium chloride and air oxidative leach delivered an even higher rate of 95.9%. These results represent a significant improvement over a previous average recovery of 82.8%, indicating meaningful progress in processing performance.
The improved recoveries could prove transformational for the economics of the broader Elizabeth Creek project. According to Coda, the project's existing post-tax net present value stands at approximately $802 million with an internal rate of return (IRR) of 28%. With higher recovery rates, these figures may see upward revision, enhancing the overall project appeal.
Work is now underway with independent consultants to evaluate the capital and operating costs associated with the leach processes. These insights will support an updated economic assessment, potentially strengthening the case for advancing the project to construction readiness.
As part of the broader development strategy, Coda Minerals is continuing to refine its base-case processing flowsheet and further assess the technical and commercial implications of the leach test results. The company, with a current market capitalisation of $18.96 million, is strategically positioning Elizabeth Creek to supply the rising demand for copper.
Copper is increasingly viewed as a strategic resource due to its essential role in renewable energy and electrification infrastructure. Applications include wind turbines, solar panels, electric vehicles, and grid systems—all critical components of the global transition to net zero emissions.
The momentum in the copper market adds further strength to the outlook. According to Trading Economics, copper prices have climbed 23.6% year-to-date, reaching US$4.92 per tonne (A$7.54) as of 26 July. This macro backdrop could provide a supportive environment for projects like Elizabeth Creek.
While Coda Minerals is not currently part of the ASX200 stocks, the project's evolving potential may draw increasing attention from investors tracking resource-driven opportunities on the ASX. As global demand for copper accelerates, companies with strong fundamentals and compelling asset bases may continue to find favour in the broader investment landscape.
