The Hera-Nymagee Project is the primary focus of Aurelia Metals and is comprised of the 100% owned Hera gold-lead-zinc mining operation and the nearby Nymagee copper deposit.
The Hera-Nymagee Project is located about 100kms SE of Cobar in western NSW and the deposits represent typical “Cobar Style” ore systems, which have a strong historical precedent for large scale, high-grade, long life mining operations.
Aurelia Metals Limited commenced full scale development of the Hera Project in March 2013, following completion of a major A$158m funding transaction with Glencore International (‘Glencore’). The Project funding includes $100m of debt and converting notes for the development of Hera and $50m in debt for the future Nymagee development.
Following a challenging commissioning period in 2014-2015 and resolution of a funding dispute with Glencore in late 2015, the Hera Projects is now cashflow positive and starting to deliver on its potential of a high grade, high margin mining operation. In the March 2016 quarter the Hera Project recorded record quarterly revenue of $27.4 million and an EBITDA of $10.9m
The nearby 95% owned Nymagee deposit is emerging as one of the most exciting copper discoveries in Australia in recent times. Following discovery of high-grade copper beneath the historic mine in October 2010, Aurelia released its maiden Nymagee Resource Estimate in December 2011 with a contained 96,000t Cu, 27,000t Pb, 53000t Zn and 2.2MOz Ag. Aurelia is progressing development and feasibility programmes with a view to incorporating the Nymagee copper ore into a combined operation with Hera producing gold, copper, silver, lead and zinc.
The Nymagee system remains open to the north and at depth, and holds strong analogies to the world-class CSA copper system, located 90km along strike. CSA, like other Cobar Basin mineral systems has extensive depth persistence and extends to >2km depth.