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Phoenix Copper Ltd - London-based mining company with projects in Sweden, Finland and Kosovo - Says it has finalised the purchase of two pre-owned ball mills for its Empire project in Idaho, US. The equipment, which cost a total of USD1.1 million, is expected to be transported to Idaho in the summer. It was bought at a USD6 million to USD7 million discount.
Phoenix is now planning to source additional pre-owned equipment to save money at the project, but says that it won't be updating the market on all future purchases, unless they "materially affect" the Empire's economics.
Current stock price: 12.25 pence
12-month change: down 60%
By Holly Beveridge, Alliance News reporter
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