PNX Metals sells mothballed Leigh Creek Copper Mine to RMA

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Adelaide mining exploration company PNX Metals has completed the sale of its idled Leigh Creek Copper Mine (LCCM) to Resilience Mining Australia (RMA).

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LCCM, which holds three mining leases in the Leigh Creek area including Mountain of Light, was acquired by PNX in 2010 and has been on care and maintenance since January 2012.

According to the company’s statement, the sale also includes two exploration licences in the vicinity of Leigh Creek.

“The sale of LCCM relives PNX from all rehabilitation obligations at the Mountain of Light mining lease and the Company is to receive a $100,000 payment if and when 3,000 tonnes of copper are produced from the future operations by RMA on any of the mining leases,” reads the statement.