B.C. mining company stakes claim in Australia

Copper Mountain is set to purchase Cloncurry Copper Project in a $93-million deal.

BC’s Copper Mountain Mining Corporation has announced the $93 million acquisition of an Australian company.

When the move is completed next March it will double CMMC’s production to 160 million pounds of copper per year, and put the Canadian firm in control of expansive mineral claims.

“It’s generating a lot of excitement with our people,” said company president Jim O’Rourke.

Altona Mining’s key asset is a 100 per cent undeveloped open pit, Cloncurry Copper Project, in Queensland Australia, with over 2 billion pounds of copper.

In addition to the identified resources Copper Mountain will be able to explore nearly 4,000 kilometers of “prospective targets” in the mineral rich region.

“The change in the price of copper changed things substantially,” said O’Rourke. “Realistically we are really strong believers in an upcoming bullish copper market and so to have copper assets at this point greatly strengthens the company.”

Not long ago the company’s future was uncertain in the face of depressed copper prices.

“About a year ago, when the price of copper was $2, we were struggling to make ends meet, but with the increase in the price of copper we have been able to gain in terms of some cash but also in terms of paying back some of our debts.”

In the last quarter copper sold at $2.91.

The $93 million price tag will be paid in CMMC stock, and the corporation receives $30 million in cash.

Copper Mountain Mining Corporation owns 75 per cent of Copper Mountain Mine in Princeton BC, where it employees 455 people.

The firm recently announced an extended lifespan for that site as the result of positive exploratory drilling.

To report a typo, email:
publisher@similkameenspotlight.com
.



andrea.demeer@similkameenspotlight.com

Like us on Facebook.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Community musicals return to Revelstoke 11 years later

Shrek the Musical is showing in Revelstoke Feb. 7, 8, 13, 14 and 15

Glimpses of Revelstoke’s past for Jan. 23

120 years ago: Revelstoke Herald, Jan. 20, 1900 Mr. Fayette Buker opened… Continue reading

Snow angels: Revelstokians shovel for those who can’t

‘They’ve helped me make it through the rest of the winter’

Highway 1 closed near Golden for high avalanche danger

DriveBC does not give an estimation for reopening

Syrian family celebrates one year in Revelstoke

Recently, Revelstoke fundraised almost $12,000 to cover the family’s debt to the federal government

Officials reaching out to those in contact with Canada’s first coronavirus patient

The illness has sickened at least 1,975 people and killed 56 in China

B.C. VIEWS: New coronavirus outbreak an important reminder

Walking the line between cautious and alarmist

Kobe Bryant killed in California helicopter crash: reports

NBA star was reportedly in his private helicopter at the time of the crash

Investigation launched after six dead puppies dumped in Richmond hotel parking lot

RAPS reminds people they can always give up puppies they can’t take care of

Summerland Steam earn one win, one loss in hockey action

Junior B team in third place in division

It’s okay not to have kids, confesses mother of four

For someone who has committed parenting an obscene number of times, it… Continue reading

Risk of coronavirus low in B.C. as first case emerges in Toronto: officials

There have been no confirmed cases of the virus in B.C.

Pioneer families lived in Summerland’s Prairie Valley area

Darke and Dale families played roles in community’s early history

Most Read