KGL Resources (ASX:KGL) has approved the final investment decision (FID) for its Jervois Copper Project in the Northern Territory, targeting first concentrate production in the first half of 2028.
The company says the decision reflects board confidence that the project remains on schedule and consistent with capital estimates. Total capital costs are reportedly aligned with the baseline economic model estimate and roughly 60% of project costs are already under executed contracts.
Chairman Jeff Gerard says the decision reflects the technical, commercial, organisational, and funding maturity of the project.
“Getting to this stage of Jervois’ development journey is a real credit to our entire team, who have worked long and hard to transition the project from development into execution and construction,” Gerard says.
“With funding for the project already in place, and with 60% 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.”
Development milestones completed to date include establishing the construction village, upgrading the exploration camp, and signing an engineering, procurement and construction contract with Sedgman in September 2026.
Onsite progress includes crushing and screening for civil construction materials, demolition of historical processing facilities, and development of water sources.
KGL reports engineering and design work on the processing plant has advanced, with commitments made for long-lead equipment including grinding mills, flotation cells, and the IsaMill.
Northern Territory Deputy Chief Minister and Minister for Mining and Energy Gerard Maley says the project will create hundreds of jobs for Territorians and deliver ‘significant’ economic opportunities.
KGL says funding is secured through existing cash reserves, Wheaton Precious Metals proceeds, and recent equity capital raises.
Jervois has an initial 10-year mine life and is expected to produce approximately 30,000 tonnes of copper per annum at steady state, alongside silver and gold by-products.
The company is also executing a $20 million exploration program from 2026 to 2028, which includes targeted resource expansion drilling and an improved resolution Magnetotelluric geophysics program.
Following FID, construction will lead to practical completion, followed by a six-month ramp-up to full plant processing capacity during 2028.
KGL Resources is a mineral explorer and developer focused on advancing its flagship Jervois Copper Project in the Northern Territory.
Write to Paula Fabe at Mining.com.au
Main image: KGL Resources
