Shares in Rex Minerals Limited (ASX:RXM) rose yesterday after the minerals explorer said it would expand mine studies at its Hillside Copper project in South Australia’s Yorke Peninsula.
Following recent discoveries Rex has decided to undertake the expanded mine study to focus on a plan that almost doubles the original production rate forecasts.
The expanded plan will require $900 million in upfront capital.
Managing director, Steven Olsen, says the key to project development is to involve potential financiers early to ensure they have followed the project from the pre-feasibility study to a bankable feasibility study planned for next year.
Yesterday shares in Rex Minerals rose 7.69 per cent, closing at $1.40.
In the year to the June 30, 2011 Rex Minerals reported a profit of $593,000.
