A Subiaco explorer has raised $57.2 million to start developing the Jericho copper mine over in Queensland as prices for the red metal descend from record highs set at the start of the week.
AIC Mines offered new shares to institutional and sophisticated investors at 52¢ apiece, an 11.9 per cent discount on its last close, under the Argonaut and Shaw and Partners-led raising. Proceeds are going towards expanding a 3km underground link between the Jericho deposit and its Eloise mine.
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