Caravel puts project before EPA

Shares in Caravel Minerals rose by 12 per cent on Thursday morning, following news the Subiaco-based explorer had submitted its environmental review document for the Caravel copper project to the Environmental Protection Authority.

As of 1.51pm WST, Caravel was trading at 27 cents per share, up 10 per cent - its highest price since July 25 last year. 

Caravel told the market that the document was the final product of four years of sustained fieldwork, scientific modelling and extensive investigations.

The project, located 150km from Perth in Western Australia's Wheatbelt region, will be developed on cleared farmland and is expected to be in operation for more than 25 years.

Last November, Caravel updated its mineral resource estimate for the project, increasing it to 3.03 million tonnes of contained copper, along with 895,000 ounces of contained gold and 46.3 million ounces of silver. 

These variables also played a significant role in experienced mining executive Greg Lilleyman - who spent time in key roles at Fortescue and Rio Tinto - being appointed as Caravel's strategic board adviser in March.

Caravel managing director Don Hyma, who was appointed in November 2022 following Steve Abbott's tenure, said the project's future looked bright, given the favourable outlook predicted for the copper market. 

“The achievement of this milestone puts the project on a clearly defined assessment schedule that should see ministerial approval and the grant of mining tenure by the fourth quarter of 2025, paving the way for project development," he said.

"The Caravel team recognises the project will be developed alongside existing farming operations and within close proximity to regional towns. The company continues to work with stakeholders as the final design emerges for public comment in late 2024.”