The Copper Mountain mill building where ore from the New Ingerbelle pit will be processed. (Image: Copper Mountain Mining)
BRITISH COLUMBIA – Copper Mountain Mining of Vancouver has finished a base case preliminary economic assessment of the 75% owned New Ingerbelle copper-gold property. (Mitsubishi has a 25% interest.) The New Ingerbelle property is only 1,000 metres from the Copper Mountain mine near Princeton.
New Ingerbelle could produce 768 million lb. of copper and 550,300 oz. of gold over a 12-year mine life. The project has an after tax net present value (8% discount) of $392 million (all dollars are U.S.) and an internal rate of return of 65%. Average annual copper production is expected to be 85 million lb. and 61,000 oz. of gold. Cash costs per pound of copper produced should be $1.52.
Copper Mountain is examining plans for an open pit with the ore trucked to the 40,000-t/d Copper Mountain concentrator for processing. The existing fleet of trucks will be used.
By using existing equipment and infrastructure, the company says New Ingerbelle will have an initial capex of about $130 million. Sustaining capital will be another $63 million.
The New Ingerbelle deposit has measured and indicated resources of 175.4 million tonnes grading 0.24% copper and 0.16 g/t gold (with a cut-off of 0.12% copper equivalent). The inferred resource 24.6 million tonnes at 0.20% copper and 0.12 g/t gold.
Learn more about plans for New Ingerbelle at www.CuMtn.com.