AIC Mines

What AIC Mines does

AIC Mines Limited is an ASX-listed Australian copper-gold producer and explorer, headquartered in Subiaco, Western Australia, and formed in 2019 from the merger of Intrepid Mines and AIC Resources. The company owns and operates the Eloise Copper Mine, a high-grade underground copper-gold mine located 60km southeast of Cloncurry in North Queensland, which has produced over 376,000 tonnes of copper and 195,000 ounces of gold since commencing production in 1996. Current production runs at approximately 12,500 tonnes of copper and 5,000 ounces of gold in concentrate per annum, processed on-site via conventional crushing, grinding, and sulphide flotation that achieves 94-95% copper recovery. The business model is straightforward B2B commodity production: AIC Mines sells copper concentrate (with significant by-product gold and silver credits) directly to global smelters and commodity markets, with pricing determined by LME-linked market rates rather than company-set pricing. A wholly-owned subsidiary, AIC Copper Pty Ltd, holds the environmental authority for Eloise operations, and underground development contractor PYBAR Mining Services performs the primary mining services at the site.

The company's growth strategy centres on expanding the Eloise processing plant from 725,000tpa to 1.1Mtpa and developing the adjacent Jericho deposit, located 4km from Eloise, via a 3-kilometre underground link drive that commenced in June 2024 with first development ore targeted for June 2026. Beyond Eloise, AIC Mines holds a diversified Australian exploration portfolio of six projects spanning Western Australia (Lamil 50/50 JV with Rumble Resources in the Paterson Province), New South Wales (Delamerian Base Metals), South Australia (Peake and Denison Copper, targeting IOCG mineralisation), and Queensland (Pyramid Gold, Windsor Base Metals), with the 2022 compulsory acquisition of Demetallica Limited the most recent inorganic addition. Distribution is global and direct, with no retail or end-consumer channels, and the customer base consists of smelters and commodity traders purchasing concentrate under market-linked terms.

Name

AIC Mines

Legal name

AIC Mines Limited

Website

https://aicmines.com.au

Company type

Public

Founded year

2019

Headcount range

51–100 employees

Short description

AIC Mines is an ASX-listed Australian copper-gold producer operating the Eloise underground mine in Queensland, producing ~12,500t copper and 5,000oz gold in concentrate annually, and expanding output via the Jericho deposit and processing plant scale-up.

Ownership category

akta.pro rank

Product category

Copper-Gold Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industry

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

Keywords

• Copper mining
• Gold production
• Underground mining
• Mineral exploration
• Base metals

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Copper and Gold Production: Underground mining operations producing copper concentrate with significant by-product gold and silver. The Eloise mine produces approximately 12,500t of copper and 5,000oz of gold in concentrate per annum.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

AIC Mines is a growth-focused Australian resources company that explores, develops, and operates copper and gold mining assets. The company owns and operates the Eloise Copper Mine, a high-grade underground mine in North Queensland producing copper concentrate with by-product gold and silver via conventional crushing, grinding, and sulphide flotation. AIC Mines is also developing the Jericho deposit and holds a portfolio of exploration projects across Australia.

Product overview

AIC Mines is a growth-focused Australian copper-gold producer and explorer operating a portfolio of mining assets. The core product is the Eloise Copper Mine, a high-grade underground mine in North Queensland producing copper concentrate with by-product gold and silver. The company is developing the Jericho deposit (4km from Eloise) to expand production capacity. The exploration portfolio includes six projects across Australia: Delamerian Base Metals Project (NSW), Pyramid Gold Project (Queensland), Windsor Base Metals Project (Queensland), Lamil Project (Western Australia, 50% JV with Rumble Resources), and Peake and Denison Copper Project (South Australia). The Eloise processing plant is being expanded from 725,000tpa to 1.1Mtpa to treat additional ore from Jericho.

Differentiator

Problem solved

Functional benefit

Products and services

• Eloise Copper Mine AIC Mines' primary operating underground copper-gold mine located in North Queensland, 60km SE of Cloncurry. The mine produces approximately 12,500t of copper and 5,000oz of gold in concentrate per annum via conventional crushing, grinding, and sulphide flotation processing, yielding high-quality copper concentrate with by-product gold and silver at 94-95% copper recovery rates.
• Jericho Deposit Copper-gold development deposit located 4 kilometres southeast of the Eloise mine, intended to transform Eloise into a cornerstone asset by increasing production and extending mine life. The deposit is connected via a 3-kilometre underground link drive and supports processing plant expansion to 1.1Mtpa.
• Delamerian Base Metals Project Exploration project in western New South Wales covering 1,936 square kilometres at the northern end of the Koonenberry Belt and 2,344 square kilometres in the Loch Lilly-Kars Belt near Broken Hill, prospective for Ni-Cu-PGE sulphide systems and Volcanogenic Massive Sulphide (VMS) deposits.
• Pyramid Gold Project Gold exploration project southeast of Charters Towers in north Queensland, covering 150 square kilometres, including West Pyramid Range and East Pyramid Range with potential for Intrusion Related Gold Systems (IRGS).
• Windsor Base Metals Project Base metals exploration project located 60 kilometres south of Charters Towers in north Queensland, covering 629 square kilometres, prospective for VMS-style deposits similar to nearby Thalanga, Highway-Reward, Waterloo and Liontown deposits.
• Lamil Project Joint venture gold and copper exploration project (AIC Mines 50%, Rumble Resources 50%) in the Paterson Province of Western Australia, covering 1,200 square kilometres, prospective for Tier 1 gold and copper deposits between the Telfer and Nifty mines.
• Peake and Denison Copper Project Copper exploration project located 750km NNW of Adelaide along the NE margin of the Gawler Craton, covering approximately 2,500 square kilometres, targeting Iron-Oxide Copper-Gold (IOCG) style mineralisation with visible copper intersected at Mawson and Wills targets.

Quantifiable outcome

• High copper recoveries of 94-95%
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• PYBAR Mining ServicescoreImplementation/ SI/ Consulting PartnerPYBAR Mining Services performs development and associated mining services at the Eloise Copper Mine. They are the primary contractor for underground development operations.
• Rumble Resources (ASX: RTR)coreStrategic or Co-development PartnerAIC Mines and Rumble Resources each hold a 50% joint venture interest in the Lamil Project located in the Paterson Province of Western Australia, midway between the Telfer and Nifty copper mines. Rumble Resources completed the airborne magnetic survey in 2019 and AIC completed reconnaissance drilling.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Ramelius Resources: ASX-listed mid-tier Australian gold producer with multiple operating mines. Comparable by size, ASX listing and acquisition-led growth model, but pure gold rather than copper-gold.
• Newmont Corporation: Global gold major with significant Australian copper-gold exposure (e.g., Cadia, Boddington). Comparable as a benchmark for larger copper-gold mining platforms and copper-decorated gold producer economics.
• Sandfire Resources: Major Australian copper-gold producer historically operating the DeGrussa copper-gold mine. Comparable as a benchmark mid-large cap Australian copper-gold producer.
• Evolution Mining: ASX-listed mid-tier Australian gold producer built through M&A and development. Key relevant comparison because AIC's CEO Aaron Colleran was a founding member of Evolution's leadership team.
• Capricorn Metals: ASX-listed mid-tier Australian gold producer operating producing assets. Comparable as an Australian single-commodity gold producer of similar scale focused on growth via development and acquisition.

Others

• Perenti Global: ASX-listed mining services contractor providing underground and surface mining services across Australia. Comparable as the parent class of PYBAR (AIC's primary underground mining contractor at Eloise).

Emerging players

• Helix Resources: ASX-listed Australian copper-gold explorer/developer focused on Queensland and NSW assets. Comparable commodity mix and geography at earlier exploration stage.
• Carnaby Resources: ASX-listed Australian copper-gold developer/explorer advancing projects in the Cloncurry region of Queensland. Comparable commodity focus and geography, but pre-production stage.

Direct peers

• Aeris Resources: ASX-listed copper-gold producer with multiple Australian underground and open-pit operations producing copper concentrate. Closest direct comparable by commodity mix, scale and Australian geographic footprint.
• 29Metals: ASX-listed Australian copper-focused base metals producer. Comparable as a mid-tier Australian copper producer with by-product credits and exposure to commodity-driven cash flow.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AIC_Mines
• LinkedInlinkedin.com/company/aic-mines-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AIC Mines