BRITISH COLUMBIA Vancouver-based COPPER MOUNTAIN MINING has signed a memorandum of understanding with Japan’s MITSUBISHI MINERALS to develop the Copper Mountain mine near Princeton. Subject to various approvals and conditions, Mitsubishi has agreed to purchase a 25% equity interest in the project for $28.75 million, arrange a $250-million project loan, and purchase all the copper concentrate from the mine.
Copper Mountain says the agreement with Mitsubishi plus the financial support of its mobile equipment suppliers put the new mine a “major step” in financing the project. The company has set a production target by the end of 2010.
The feasibility study done earlier this year (see story at www.CanadianMiningJournal.com or news release at www.CuMtn.com) put the developments cost at over $400 million for an open pit mine and 35,000-t/d concentrator.