Phoenix Copper Bolsters Balance Sheet Amid Strong Metal Prices

Phoenix Copper has bolstered its balance sheet and advanced its Empire Mine study amid strong metal prices. The company reported an unaudited interim loss of $1.21 million for the six months to June 30, with group net assets standing at $38.21 million.

The value of the company's investment in the Empire Mine and other mining assets rose to $45.84 million, following a post-period equity raise of $3.12 million and cost-cutting measures.

Operationally, Phoenix Copper has awarded contracts to Hardrock Consulting to update the Empire Mine open-pit pre-feasibility study, which currently outlines 10.1 million tonnes of proven and probable reserves and an eight-year mine life.