BRITISH COLUMBIA – Vancouver-based Copper Mountain Mining Corp. has entered into a bought deal with lead underwriter National Bank Financial to issue 17.7 million common shares at a price of $1.70 per share for gross proceeds of $30.09 million. The net proceeds will be used to build a secondary crusher that will increase production at the Copper Mountain mine 20 km south of Princeton.
The Copper Mountain mine (75% owned by Copper Mountain and 25% by Mitsubishi) went into production in 2011 at a nameplate capacity of 35,000 t/d. The new secondary crusher will make it possible to deliver a finer grind to the SAG mill, thus increasing its throughput to 40,000 t/d. A Raptor 3,800 t/h crusher has been chosen to reduce fine ore to –50 mm. Construction is expected to take a year.
The Copper Mountain mine is expected to produce 90 million to 100 million lb Cu annually when the additional crusher project is operational. Please visit CuMtn.com.