The Copper Mountain project with the New Ingerbelle pit on the left. (Image: Copper Mountain Mining)
BRITISH COLUMBIA – Vancouver-based Copper Mountain Mining Corp. has published a new integrated mine plan that increases both copper and gold production, extends mine life, and lowers cash costs.
The new plan includes a modest expansion of the existing Copper Mountain mill to 45,000 t/d and integrates production from the New Ingerbelle deposit.
The company has only good things to say about the proposed changes. Mineral reserves get a 102% increase. Annual copper equivalent production will be 116 million lb. over 10 years as mine life goes to 26 years from the former 14 years. C1 cash costs will be lowered to US$1.87 per pound of copper produced.
The mill expansion will benefit from the installation of a third ball mill. That could be accomplished by Q1 2020 at a cost of US$25 million.
Development of an open pit at the New Ingerbelle deposit will need an injection of about US$23 million.
The after tax net present value (8% discount) of both projects is US$619 million on a 100% basis. Copper Mountain has a 75% interest and Mitsubishi a 25% interest in New Ingerbelle which is located only 1,000 metres from the Copper Mountain mine near Princeton.
Additional information is available at www.CuMtn.com.