Universal to develop Roseby Copper project

Universal Resources, the Australian copper and gold exploration company, has announced that its board has approved the development of the Roseby Copper project, in Queensland.

The project has yet to gain regulatory approval and will be subject to successful fund raising of around A$230 million.

Total capital costs are estimated at A$196 million and should be recovered 2.2 years from the start of production.

Two new executive appointments have been made in connection with the financing and managing of the Roseby mine.

Des Kelly has been appointed Universal’s chief financial officer, following the resignation of Simon Michael.

Mr Kelly has considerable experience in capital raising, financial management and accounting.

Graeme Sloan has been appointed Roseby project manager. Mr Sloan is a mining engineer with extensive management and operating experience.

The DFS Base Case model of the Roseby project indicates that it will have an NPV of $319 million at a discount rate of 8.5% and an IRR of 36%, based on the forward curves for copper, gold and the exchange rate.