AIC Mines has brought forward the second-stage expansion of its Eloise processing plant by approximately two years, positioning the North Queensland operation to produce up to 27,000 tonnes of copper in concentrate in 2028–29.

The expansion will lift processing capacity from 1.1 million tonnes per annum (Mtpa) to 1.5Mtpa and is now targeted for completion in the December 2028 quarter. AIC had previously expected to reach its 25,000-tonne annual production goal in 2030–31.

Combined with accelerated underground development at the nearby Jericho mine, the project is expected to lift annual copper production to 25,000–27,000 tonnes in 2028–29 – roughly double Eloise’s 2025–26 output of 13,064 tonnes.

AIC estimated the second-stage plant expansion would cost just $15 million, with the expenditure planned for 2027–28. Several major components were oversized during the first-stage expansion, reducing the additional work required to reach the higher throughput rate.

The company said no additional funding would be required for the second-stage expansion or accelerated Jericho development, with the investment expected to be covered by cash flow.

However, AIC has increased its Trafigura prepayment facility by $US10 million ($14.3 million) to $US50 million, providing a buffer against potential commissioning delays or cost overruns. Of the enlarged facility, $US20 million remains undrawn.

The first-stage expansion, which will lift Eloise’s processing capacity from 725,000 tonnes per annum to 1.1Mtpa, is scheduled for commissioning in the December 2026 quarter.

Construction was 81 per cent complete at the end of June, against a budgeted 84 per cent, with the new ball mill and primary cyclone cluster installed.

Jericho is also expected to ramp up during the December quarter before reaching commercial production in the March 2027 quarter.

AIC has forecast combined Eloise and Jericho production of 17,500–18,500 tonnes of copper in concentrate in 2026–27, weighted towards the second half following commissioning. All-in sustaining costs are expected to average $4.80–$5.20 per pound of copper sold.

Production is then targeted to reach 20,000–22,000 tonnes in 2027–28 before climbing to 25,000–27,000 tonnes the following financial year.

The outlook is underpinned by approximately 95 per cent probable ore reserves and five per cent inferred mineral resources. Combined reserves across Eloise and Jericho currently contain 191,000 tonnes of copper and 139,600 ounces of gold.

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