Caravel Minerals has secured firm commitments for a $12 million placement comprising the issue of 60 million new fully-paid ordinary shares.
Well-supported by new and existing institutional and sophisticated investors, the placement funds will primarily support the execution of the Caravel copper project definitive feasibility study, including:
Securing land tenure
Further resource infill, sterilisation, and geotechnical drilling
Tailings site evaluation
Further development of mining and site layouts
Further metallurgy and processing test work and optimisation
Development of borefield and pipeline evaluation
Further power supply studies and access applications
Securing environmental permitting and approvals
Further near mine exploration
General working capital and costs of the placement.
Caravel has also appointed Don Hyma as managing director.
Hyma has more than 30 years’ experience in Australia, Canada, Chile and New Caledonia in the development of numerous major projects, primarily in base metals (copper and nickel) and iron ore.
His previous roles include projects director for Fortescue Metals Group, technical director at Mitsui & Co, and general projects manager for Rio Tinto Iron Ore.
Over the last two years, he has been an advisor to the Caravel board on the copper project feasibility studies and implementation strategies and most recently was managing director at of Australian Rare Earths Limited.
Hyma succeeds Steve Abbott, who has been managing director since 2018.