BRITISH COLUMBIA The directors of Vancouver-based COPPER MOUNTAIN MINING have given the nod toward development of the company's Copper Mountain project near Princeton. The company must still finalize its financing and complete the permitting process.
Copper Mountain has ordered long-lead time equipment including trucks and shovels, a SAG mill and ball mills. Construction at the site is moving ahead with the re-establishment of water, sewer and power to the administration and mine dry building. HATCH has been awarded the engineering contract, and MERIT CONSULTING INTERNATIONAL has been appointed construction manager. A start-up date of December 2010 is planned. The project carries a capital price tag of $437.4 million.
Copper Mountain has signed an agreement with Japan's MITSUBISHI MATERIALS CORP. selling a 25% equity interest in the project for $28.75 million. Mitsubishi will arrange a $250-million project financing, and purchase all the project's copper concentrate output for 10 years.
The feasibility study may be read in its entirety at www.CuMtn.com.
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