Mining is dominating the news this week with three of Cobar’s biggest mining shareholders, Metals Acquisition Corp (MAC), Aurelia Metals and Polymetals Resources, all reporting favourable outcomes.
MAC has this week gained national attention after it became the largest Australia Stock Exchange (ASX) mining listing in five years.
MAC, which purchased the CSA Mine from Glencore in June 2023, is now dual listed on the ASX and NYSE (New York Stock Exchange).
The company listed through a $325 million initial public offering (IPO) which is the largest amount raised for a mining IPO since July 2021.
MAC reports strong support for the offer was received from Australian and offshore institutional investors, including MAC’s existing shareholders.
The company advises the proceeds of the offer will be used for further development of the CSA Mine, to pay a deferred payment due to Glencore, to fund growth opportunities at CSA, and for working capital and costs associated with the offer.
MAC CEO Mick McMullen said they were very pleased to have achieved an ASX listing.
“An Australian IPO and listing will allow us to pursue a range of organic and inorganic growth opportunities in Australia and globally to continue building shareholder value,” Mr McMullen commented.
“While we have made significant progress in improving overall operational performance at our CSA Copper Mine to date, our initial focus will be to assess further exploration, development, and production improvement opportunities.
“The listing is an important milestone for the Company as we continue to expand and work towards our long-term goal of owning and operating multiple metals and mining assets that are critical to the electrification and decarbonisation of the global economy and become a notable player in the industry,” he said.
Aurelia Metals has just released the successful results of their exploration program at the Nymagee Deposit.
Aurelia reports the four-hole exploration program reaffirms the significant prospectivity of the Cobar Region.
The program included the highest zinc assays recorded at Nymagee (37.9 per cent Zn) and some of the highest copper (13.4 per cent Cu) and silver (254g/t Ag) assay results since drilling started in the area in 1905.
Aurelia’s Chief Development and Technical Officer, Andrew Graham noted the results also highlight why the company is back drilling at Nymagee.
“The grade in the lead-zinc zone was exceptional but it’s the multiple lenses of thick, high-grade copper that’s the real standout of this program,” Mr Graham said.
Further drilling at Nymagee will be scheduled in the 2025 financial year as the company aims to grow its mineral inventory to support future mining studies.
The Nymagee deposit is located only 5km north of the Hera Processing Facility and 15km north of the Federation Mine.
Several Land Access Agreements have been secured to the north of the current deposit which will allow for further exploration to extend beyond the current mine site.
Polymetals Resources Ltd has also recently commenced diamond drilling at their Carpark prospect at the Endeavor Mine following an analyses of their RC drilling program which indicated potential for an underlying sulphide source.
The Carpark prospect is located in a large exploration search volume (400m long x 500m deep x 150m wide) that has not been drilled since discovery of the mine in 1974.
The prospect was identified by Polymetals in December 2023 as a geochemical anomaly with subsequent reprocessing of geophysical data demonstrating the presence of coincident IP, magnetic and gravity anomalies.
The drilling program analytical results from the Carpark prospect confirm that mineralisation and alteration types are similar to the zones above the Main and North Lodes at the Endeavor Mine.
Results from the NSW Minerals Council’s latest annual Member Expenditure Survey have confirmed mining’s strong ongoing economic contribution to Cobar.
In the past financial year, participating mining companies supported over 638 local jobs and directly spent $133 million in Cobar.
This is an increase in Cobar job numbers and spending levels on the previous year.
It is also the second highest result for jobs and spending recorded for Cobar since 2018-19 when relevant survey results for Cobar were first recorded.
The $133 million of direct mining spending in Cobar last financial year included over $65 million on wages and salaries, and $68 million for goods and services purchased from over 142 local mining supplier businesses.
NSW Minerals Council CEO Stephen Galilee said these strong results highlight the ongoing importance of mining for Cobar and the surrounding region.
“Mining continues to provide economic stability to Cobar and surrounds, supporting hundreds of local families and businesses.”
