B.C. mining company stakes claim in Australia

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

An early morning fire forced the evacuation of a Maple Ridge apartment building on Saturday, April 3 (Deborah Hampton/Special to The News)
City of Maple Ridge thanks volunteers for response to Easter weekend blaze

Emergency Support Services volunteers stepped up to help displaced residents

A partial image from the painting Kanaka Creek by Eric Hotz, which in the exhibit at the Pitt Meadows Art Gallery.
A Study of Nature exhibition opens at Pitt Meadows Art Gallery

Eric Hotz paintings feature familiar scenes from across the Lower Mainland

Shannon Belsito took this photo on Thursday morning, indicating the true arrival of spring. “Feeling the inspiring beauty and freshness of spring with these gorgeous magnolia blossoms near Kanaka Creek that just popped after the rain.” (Special to The News)
SHARE: Spring has arrived in all its splendor

Send us your photo showing how you view Maple Ridge or Pitt Meadows, and it could be featured soon.

A small memorial to Rich Goulet was started at Pitt Meadows Secondary after his recent death. (Neil Corbett/The News)
LETTER: Rename Pitt Meadows school gym in coach’s honour

Rich Goulet was considered one of the provinces best basketball coaches and died recently

Doug Nolin, a Maple Ridge senior, snapped this picture of his pet pigeons taking flight down by the old Albion ferry dock. “What a beautiful land we live in,” he said. (Special to The News)
SHARE: Chirp, chirp: Ridge senior captures pigeons taking flight

Send us your photo showing how you view Maple Ridge or Pitt Meadows, and it could be featured soon.

Burnaby MLA Raj Chouhan presides as Speaker of the B.C. legislature, which opened it spring session April 12 with a speech from the throne. THE CANADIAN PRESS
B.C. NDP promises more health care spending, business support in 2021 budget

John Horgan government to ‘carefully return to balanced budgets’

Guinevere, lovingly referred to by Jackee Sullivan and her family as Gwenny, is in need of a gynecological surgery. The family is raising money to help offset the cost of the procedure. (Jackee Sullivan/Special to Langley Advance Times)
Langley lizard’s owners raise funds for gynaecological surgery

The young reptile is scheduled for operation on Tuesday

—Image: contributed
Indoor wine tastings still allowed in B.C., not considered a ‘social gathering’

“Tasting is really just part of the retail experience. The analogy I use is you wouldn’t buy a pair of pants without trying them on.”

Mounties say they “corralled” four Ford Mustangs April 4 after an officer saw the muscle cars racing down 184 Street near 53 Avenue at about 10 p.m. (File Photo)
Mounties impound four Mustangs

Surrey RCMP say they seized four cars for street racing

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. The Canadian Federation of Independent Business is raising its estimate for the number of businesses that are considering the possibility of closing permanently. THE CANADIAN PRESS/Adrian Wyld
Small business struggling amid COVID-19 pandemic looks for aid in Liberals’ budget

President Dan Kelly said it is crucial to maintain programs to help businesses to the other side of the pandemic

The National Security and Intelligence Committee of Parliamentarians says that includes attempts to steal Canadian research on COVID-19 and vaccines, and sow misinformation. (AP Photo/Esteban Felix)
Intelligence committee warns China, Russia targeting Canadian COVID-19 research

Committee also found that the terrorist threat to Canada has shifted since its last such assessment

Parliament Hill is viewed below a Canada flag in Gatineau, Quebec, Friday, Sept. 18, 2020. A new poll suggests most Canadians are feeling more grateful for what they have in 2020 as a result of COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick
Canada’s greenhouse gas emissions increased slightly in 2019: report

2019 report shows Canada emitted about one million tonnes more of these gases than the previous year

Part of the massive mess left behind in a Spallumcheen rental home owned by Wes Burden, whose tenants bolted from the property in the middle of the night. Burden is now facing a hefty cleaning and repair bill as a result. (Photo submitted)
Tenants disappear in the night leaving Okanagan home trashed with junk, feces

Spallumcheen rental rooms filled with junk, human and animal feces; landlord scared to rent again

Most Read