KGL Resources Ltd. has approved the final investment decision (FID) for its Jervois copper project in the Northern Territory.
The board’s approval transitions the high-grade asset into full execution and construction. First copper concentrate production remains firmly targeted for the first half of the 2028 calendar year.
The decision reaffirms the robust economics detailed in the project’s baseline economic model (BEM), with overall capital expenditure estimates remaining consistent after factoring in scope changes and current pricing.
Total project execution risks have been materially reduced, with approximately 60 per cent of capital costs already locked in under executed contracts.
Jervois enters full construction fully funded, underpinned by existing cash reserves, proceeds from the Wheaton Precious Metals streaming agreement, and recent equity raisings.
“Getting to this stage of Jervois’ development journey is a real credit to our entire team,” said KGL Chairman Jeff Gerard.
“With funding for the project already in place, and with 60 per cent of the project costs already contracted, we are well positioned to meet our target of delivering copper concentrate production from the Jervois Project in the first half of calendar 2028.”
Northern Territory Deputy Chief Minister and Minister for Mining and Energy Gerard Maley welcomed the announcement, noting that the project will generate hundreds of local jobs and stimulate economic growth across the Territory.
Site activities are already well advanced. Key milestones completed to date include establishing a construction camp, upgrading exploration accommodation, crushing civil construction materials, and progressing water infrastructure.
In September, KGL finalised an engineering, procurement, and construction (EPC) contract with Sedgman for the processing plant.
Long-lead equipment commitments have also been secured, including grinding mills, flotation cells, and an IsaMill.
The construction duration from FID to practical completion is followed by a six-month ramp up to full plant processing capacity during 2028.
The ramp up period covers consideration for mill throughput, metallurgical recovery and includes design compliance validation.