Aeris Resources Boosts Spending as Copper Prices Soar
Aeris Resources (ASX:AIS), an Australian copper and gold miner, is stepping up its spending on growth and exploration this financial year. The company's debt-free balance sheet, built on the back of record copper prices, will fund its Constellation project and expanded drilling program.
The Constellation deposit in New South Wales is central to Aeris' next production leg. Development involves an open pit, with early works underway and waste stripping planned to expose higher-grade ore. Pre-stripping is costly, but the company expects the higher-grade feed to improve production in the second half of the year.
Aeris has reported a strong lift in revenue and net profit, driven by higher copper and gold prices, better operations, and cost discipline. The company's cash reserves have risen several-fold over the year, and it has used a capital raising to repay and cancel a loan facility, removing interest costs.