Proactive Investors - Phoenix Copper (LON:PXC) said it expects to receive two pre-owned ball mills at its Empire open-pit mine in Idaho in the summer after finalising the purchase for a total of US$1.1 million, including tax and transport costs.
The AIM-quoted producer and explorer said the equipment was inspected, the motors tested, and the parts and components inventoried and catalogued before purchase.
Brand-new equipment typically costing up to US$8 million for a pair of ball mills, with a lead-in time of around 12 months.
Buying pre-owned equipment will result in lower capital expenditure to be reflected in the pre-feasibility study, which Phoenix said is currently being finalised.
As part of its environmental, social and corporate governance (ESG) commitments the company has published its inaugural sustainability report on its website, including baseline environmental data to be used to further the permitting process and as the building blocks for its ongoing ESG platform.