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.

Just Posted

Habitat for Humanity hands over keys to Campbell River families

Organization will also hold key ceremony for project in Courtenay on Friday

Baby, it’s nasty outside: wind and rain will continue across Vancouver Island

Police warn drivers and pedestrians to use precaution during expected rain and winds

Campbell River to get safer as protective services increases OK’d

Another RCMP officer, better pay for auxiliary firefighters and more manpower at No.2 hall in 2020

Walkway at new boat ramp closed due to storm damage

Newly-constructed walkway fails its first test

Safety board issues letters over rail crash that killed three workers in Woss

The safety board conducted the investigation at the request of the Transportation Ministry

VIDEO: ‘I won’t stop’ – local surfer hits the stormy seas of Stories Beach in Campbell River

Surfing community is growing in Campbell River, says Scotty Hewett

$12K awarded to atheist family who oppose Christmas, Hanukkah in B.C. classroom

Gary Mangel,May Yasue said holidays, Remembrance Day and Valentine’s Day not appropriate in preschool

Coach accused of sexual assault says apology letter was misinterpreted

Dave Brubaker has pleaded not guilty to one count of sexual assault and one count of invitation to sexual touching

Give the gift of nature this holiday season

Please don’t be mad, but I bought you a moose

Aboriginal poet faces backlash for calling out NHL-themed totem poles

Rebecca Thomas says she received backlash for asking a drugstore chain to remove NHL merchandise

No plans yet for free WiFi on BC Transit buses

BC Transit says they are monitoring the roll-out of free WiFi on Translink vehicles

Some Kotex tampons recalled in Canada and U.S.

In some cases, tampon users sought medical attention “to remove tampon pieces left in the body.”

Sex-assault squad investigated eight incidents at Toronto all-boys’ school

The interim president of a Roman Catholic all-boys school rocked by student-on-student abuse allegations said the football program was cancelled for next year.

Coal power in Canada must disappear by the end of 2029, new regulations say

Canada has significantly cut its dependence on coal largely due to the closure of all coal plants in Ontario.

Most Read