Australia's AIC Mines hits nearly 14-year high on copper project deal

** Shares of Australia's AIC Mines A1M.AX jump as much as 17.6% to A$0.935, hitting their highest level since October 2012

** Stock on track to log its biggest intraday pct rise since February 9, 2022

** Copper miner says it will acquire the Mt Cuthbert copper project in northwest Queensland for A$120 million ($85.25 million), comprising A$100 mln in shares and A$20 mln in cash

** Co will raise A$70 million from major shareholder Hawke's Point to fund cash component and advance drilling and development at Mt Cuthbert

** AIC says the acquisition could transform it into a multi-asset copper producer alongside its Eloise copper mine in Queensland

** YTD, stock up 54.2%

($1 = 1.4077 Australian dollars)