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

City of Port Alberni answers questions about COVID-19

Radio show will feature Mayor Sharie Minions and Dr. Paul Hasselback

Deadline passes for ‘unattractive’ Port Alberni building

Squash and Billiards Club on Third Avenue has been under construction for several years

Teachers in Port Alberni show the love for their students

Virtual message meant to give families hope in uncertain times

Port Alberni’s Judy Plater works magic with a chainsaw

Bald eagle carving unveiled at Alberni Valley Golf Club

Trudeau rejects mandatory stay-at-home order for now; COVID deaths up

The virus has now infected more than 10,000 Canadians and cost 130 their lives

An ongoing updated list of Alberni Valley events affected by COVID-19

Has your event been cancelled or postponed? Check here

B.C. health care workers gain access to virtual health care options

During COVID-19 many clinics have closed, leaving health care workers with nowhere to turn

Tax collectors, auditors to help field ‘historic’ numbers of benefit-seeking callers

‘If you work for CRA, people think we are just there to take money from your pockets.’

Family uses social media to help truckers find places to eat during pandemic

Restaurants Serving Drivers in Western Canada seeks to provide a list of places open for drivers

Advocates sound alarm over COVID-19 limiting access to contraceptives, abortion

The COVID-19 outbreak has hit sexual-health services from almost every angle

Cowichan couple won’t self-isolate after returning from overseas

New law requires 14 days of self-isolation when returning to Canada

B.C. health officer says homemade masks may prevent spread of COVID-19 to others

Practising physical distancing, frequent hand washing and resisting touching your face are proven methods

Most Read