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

Maple Ridge redirects $225,000 from RCMP to community safety needs

A new manager and two community safety officers join a team patrolling the city’s downtown streets

Mayors welcome rideshare expansion into Pitt Meadows and Maple Ridge

As of Thursday, Lyft is now offering service throughout Metro Vancouver

Maple Ridge Return-It centre serves as pilot for new beverage recycling effort

Haney Bottle Depot will be part of a six-month trial where consumers don’t have to sort their cans

Foundation seeks to bring ‘meaningful’ art to Hammond

Asking Maple Ridge residents for suggestions on design and theme for two large community murals

B.C. identifies 20 new COVID-19 cases, travellers specified in count

Pandemic total 3,028 cases, 51 people from outside Canada

Survey, hotline launched amid probe into racist blood-alcohol guessing game at B.C. hospital

Mary Ellen Turpel-Lafond has been appointed to lead an investigation by Health Minister Adrian Dix

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Filing deadline in RCMP sexual-harassment class-action extended due to COVID-19

Plaintiffs now have until January 2021 to submit claims for up to $222,000

Jamie Bacon pleads guilty to charge in Surrey Six case

The plea brings an end to a complex legal case that has spanned more than a decade

Hefty undeclared driver charges piling up, ICBC warns customers

Average extra penalty $2,971 after an at-fault accident

B.C. appeals judge’s decision to leave three clubhouses in Hells Angels hands

The province has filed two notices of appeal related to the B.C. Supreme Court decision

Conservation officers relocate Spirit bear known to roam northwestern B.C.

Bear roamed valley north of Terrace for many years

B.C. premier applauds call to decriminalize drug possession

Police shouldn’t struggle with health issues, Horgan says

Most Read