REX Minerals boss denies claims

Rex Minerals founder and director Steven Olsen, at Hillside recently, has responded to criticism against the company and its mining proposal.

REX Minerals founder and director Steven Olsen has denied numerous claims made by opponents of its proposed copper mine near Ardrossan.

Rex continues to work on a small-scale start-up plan for Hillside, making the initial project much smaller and cheaper, before expanding into the full-size mine.

Mr Olsen remained optimistic but said there is not as much money available for mining projects as there was when Hillside first gained traction.

“The iron ore price has dropped significantly,” Mr Olsen said.

“Copper projections are still good but all commodities have come off.

“There is far less capital available than before, but it is still out there.” Mr Olsen said Rex continues to seek funding options and is still considering different ways to make Hillside cheaper to get off the ground.

Rex is getting some help with designs from Hyundai and has an agreement with the company to potentially build the mine.

“Hyundai is helping us work out how we can get the overall design and capital required to a point where we think we can raise the money,” Mr Olsen said.

“Then we will decide on that level of capital and test the market.”