Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF)’s first half of 2023 was marked by ongoing operational progress at the AIM-listed group’s Empire project in Idaho, both in terms of the development of the initial open-pit mine and the exploration of the surrounding mineralised district.
In today’s trading update, the group also highlighted progress at the Navarre Creek gold drilling programme, as well as further higher-grade base and precious metals mineralisation encountered at Red Star, which is also part of the Empire Mine Project.
Looking forward, Phoenix noted that copper’s price stability and the US Department of Energy’s recognition of the metal’s criticality underscore its growing importance.
The global focus on green energy and electric vehicles is expected to drive demand for copper, positioning Phoenix Copper’s Idaho projects as pivotal for meeting this demand.
Phoenix’s ongoing metallurgical test work aims to develop efficient methods for recovering copper, gold and silver.
These metals are crucial for infrastructure and green energy projects globally, with Phoenix Copper’s resources in Idaho offering a geopolitically stable, pro-mining jurisdiction.
Cash at the end of the reported period was £2.75 million.
Losses per share came to 0.5p, compared to losses of 0.86p in the first half of 2022.
The company is in the process of finalising a US$300 million authorised bond, with an initial tranche to raise up to US$80 million, to be admitted to trading on The International Stock Exchange in the Channel Islands.
The bond will be used to fund the construction of the Empire project.