Phoenix Copper’s reserve statement for the Empire open pit in Idaho is an important step forward, according to WH Ireland.
With an advanced project in mining-friendly Idaho, Phoenix is now well positioned to benefit from surging demand and strong copper prices, said the broker.
A pre-feasibility study is ongoing and WHI expects the numbers to be reported shortly.
“As an indication of the direction of travel, we remind readers that Phoenix recently announced the advanced purchase of second-hand ball mills.
“This purchase introduces significant time and cost savings compared to buying new and will enhance the economics of the pre-feasibility study once reported."
Shares were 16.5p, down 3% today.