All tagged Avanco Copper ASX:AVB
Copper and gold growth story Avanco Resources (ASX: ABV) has agreed to a cash-and-scrip takeover from bigger peer OZ Minerals (ASX: OZL) that values the target at 16.8c a share, or an aggregate $444 million. The deal, which has the support of some of Avanco's biggest shareholders, will give OZ ownership of assets in Brazil that include a producing copper mine, two big undeveloped copper deposits and a 2.2 million ounce gold project.
Brazil-focused copper-gold producer Avanco Resources (ASX: AVB) has reported a 37% upgrade in ounces and 34% improvement in the grade at the Contact deposit, part of its 100%-owned CentroGold project, following succesful infill drilling. Contact's indicated and inferred resource has been raised to 8.2 million tonnes at 3.1g/t for 811,000oz of gold. CentroGold's overall resource now stands at 32.8 million tonnes at 2.1g/t for 2.2 million ounces.
Brazil-focused copper producer Avanco Resources (ASX: AVB) has declared a maiden resource for its new Pantera copper asset in the Carajas region. Avanco struck a deal in January to buy Pantera from Vale and today announced a resource of 20.8 million tonnes at 1.7% copper and 0.2 g/t gold for 350,000t copper and 140,000 ounces. Combined with Avanco's other Carajas assets Antas and Pedra Branca, its group resource stands at 1.01Mt copper and 666,100oz.
Emerging copper-gold play Avanco Resources (ASX: AVB) has declared a maiden net profit of $US2.5 million as the Perth company signs off on a first full-year of commercial production from the Antas mine in Brazil. The transformational year to December 31, which included big increases in EBITDA (to $US23.6 million) and a 7% rise in year-end cash position to $US24.4 million, also included progress at the Pedra Branca project and securing 100% of the CentroGold asset.
Fast-growing Brazil miner Avanco Resources (ASX: AVB) has reported a 20% increase in contained gold ounces for the Blanket deposit, part of the CentroGold project. The increase follows additional drilling and has improved the inferred and indicated mineral resource for Blanket to 13.3 million tonnes at 1.9 grams per tonne, for 829,000 ounces. The Blanket increase boosts CentroGold project resource to 32.6mt at 1.9gpt for 1.999 million ounces.
Avanco Resources (ASX: AVB) has heralded completion of the first full year of commercial production at its Antas copper-gold mine as it released its December 2017 quarter results. Production exceeded the upper-end guidance of 14,101 tonnes of copper and 11,366 ounces of gold, with cash flows from operations over the quarter coming in at $2.1 million. That's despite production having been set against a backdrop of grade and access difficulties.
Let the drilling begin as Avanco Resources prepares to launch a 5000m drilling program at the Pantera copper project in Brazil's Carajas mineral province. Hopes are that Avanco will be able to announce a maiden resource for Pantera in the first half of this year, significantly boosting its copper growth pipeline.
Avanco Copper (ASX: AVB) has agreed terms for an option to acquire the Pantera copper project from Vale S.A., in a deal worth between $US20 million and $US35 million. Avanco will make annual payments to the vendor, capped at $3 million a year, over a 7-12 year period. Pantera is located near Avanco's existing operations in Brazil, and has the potential to significantly add resources, reserves and a longer-term production profile for the company.
Avanco Copper (ASX: AVB) says it expects to beat the upper end of copper and gold production guidance at its Antas mine for the 2017 financial year. The Company's production guidance of 13,500-14,000 tonnes of copper is now expected to be between 14,000-14,150 tonnes, while gold production will exceed previous guidance of 9,750-10,500 ounce guidance to between 11,500 and 11,750 ounces.
Avanco Copper (ASX: AVB) has released promising exploration results at its Azevedo prospect, which forms part of its producing Antas copper operation in Brazil. The Company says the results show a significant improvement in the potential of Azevedo. Two holes drilled are characterised as hosting good copper and gold grades with substantial width, which are highly encouraging and justify further investigation. Each hole drilled will be surveyed by downhole EM before further drilling in the new year.