Phoenix Copper (LON:PXC) is a start up mining project in Idaho. I'm a holder and had the fortune of being asked to participate in a webinar with a couple of board members, link attached.
The company is interesting: a few of the board members took OXUS from nothing to a billion pound company before it was seized by the state. So when they started again they wanted something with no jurisdiction risk. They found this land in Idaho which had been a profitable copper mine until WW2 and has lain dormant since. But due to advances in technology, there looks to be lots of copper, and a fair amount of zinc, gold, silver and cobalt on the site.
They had a very large fundraise last month with a view to getting enough cash to see them through to production. The finances, based on much lower copper prices, was that they would be able to repay any debt they need to construct the mine within about a year of coming into production. It will be an open pit at Empire, which is their focus, but their is a vein system at the nearby Red Star plot and a Carlin style gold deposit adjacent at Navarre Creek. They have drilled enough holes to know there is enough to make a very profitable copper mine here, but it looks like there is also a huge porphyry system below.
Shares currently around 38p, market cap a little over £40m. My suspicion is that this will be much, much bigger than that. And because there won't be any more placings for some time, if at all, it won't be the usual AIM pump and dump 3 steps forward 4 steps back. The aim is squarely to get into production, make big profits and better understand the geology all around them.
DYOR, but if copper continues to be strong, this company looks like the right place, right time, and are well managed and incredibly attractive value at the moment.
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