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

Puff, puff, pass: Cannabis is officially legal across Canada

B.C. has only one bricks-and-mortar marijuana store

‘Police are ready’ for legal pot, say Canadian chiefs

But Canadians won’t see major policing changes as pot becomes legal

10 things still illegal in the new age of recreational cannabis

Pot is legal – but there are still a lot of rules, and breaking some could leave you in jail

CCRD Candidates detail their election platforms

More candidate profiles to come….

SD49 School Board Trustee Candidates outline their platforms

SD49 School Board Trustee Candidates will be participating in an All Candidates Forum tonight at NES

VIDEO: How to roll a joint

The cannabis connoisseur shares his secrets to rolling the perfect joint

After 50 years, ‘Sesame Street’ Big Bird puppeteer retiring

The puppeteer who has played Big Bird on “Sesame Street” is retiring after nearly 50 years on the show.

Britain, EU decide to take some time in getting Brexit right

Brexit negotiator Michel Barnier said “we need much time, much more time and we continue to work in the next weeks.”

Parole denied for convicted killer-rapist Paul Bernardo after 25 years in prison

Paul Bernardo plead for release on Wednesday by arguing he has done what he could to improve himself during his 25 years in prison.

Man holds newborn son for first time after devastating B.C. racetrack crash

Kayden was born the day after Jonathan was crushed by car at speedway

Smooth start to legal cannabis in B.C., Mike Farnworth says

Online and government store makes 4,000 sales by noon

Commercial diver drowns in Hecate Strait

WorkSafeBC and BC Coroners Service are investigating the diving incident south of Dewdney Island

B.C. Lions look to cement CFL playoff spot with victory over Eskimos

B.C. can cement a post-season berth in the wild West Division on Friday night with a home win over the Edmonton Eskimos

Canada ban on asbestos takes effect but mining residues are exempt

Environment Minister Catherine McKenna plans to announce the new regulations implementing the ban on Thursday in Ottawa

Most Read