BIG BIG NEWS from Copper Mountain Mine

BIG BIG NEWS from Copper Mountain Mine

Company extends mine’s lifespan

The future is so bright for Copper Mountain Mining Corporation that company president Jim O’Rourke is shopping for shades.

Last week the company announced the $93 million acquisition of Altona Mining in Queensland Australia.

More importantly for residents here, the life expectancy of Copper Mountain Mine in Princeton is now being projected at between 21 and 22 years in total from its 2011 start up date, O’Rourke told the Spotlight in an interview Monday

Eighteen years were originally assigned to the Princeton site.

“This year we’ve had two drilling campaigns. One is around the mine site itself in the pit area and we are looking to extend that pit to the west. That’s been fairly successful.”

Recently drilling commenced at the New Ingerbelle deposit near the present mine. “It’s looking pretty good,” said O’Rourke. “So far [the results] look fairly attractive.”

Based on the recent exploration and historical data, O’Rourke said the New Ingerbelle site has the potential to extend the mine’s life a further ten years [to 31-32 years total].

The upsurge in copper prices has stabilized the company’s operation, he said.

“About a year ago, when the price of copper was $2, we were struggling to make ends meet, but with the increase in the price of copper we have been able to gain in terms of some cash but also in terms of paying back some of our debts.”

In the last quarter copper sold at $2.91.

“Every ten cent increase in the price of copper allows us to gain about $12 million on a yearly basis,” said O’Rourke. “A strengthening copper price is really important.”

Copper Mountain Mine employs 455 people, and has expanded its work force slightly in the past few months.

“We are running a couple of extra trucks – there’s eight people right there. And I believe we have added some maintenance people,” said O’Rourke.

Earlier in the month the corporation released impressive financial results for January to September.

Revenues for the first three quarters were $218.4 million, compared to $193.5 million for the same period in 2016.

Adjusted EBITDA increased 43 per cent during the same time period this year, to $62.5 million from $35.8 million last year.

O’Rourke said the Altona Mining acquisition will have little effect on BC operations, other than to strengthen the position of the parent company.

While only half the size of Princeton Copper Mountain, the Clonclurry Copper Project is expected to double the company’s overall production because of the Australian site’s higher recovery rate.

Asset and geographical diversification will result in a lower risk profile for the combined entity, he added.

The $93 million cost will be paid in Copper Mountain Mining Corporation shares, and the company receives $30 million in cash.

Copper Mountain will also take possession of a significant land package and its mineral claim rights “which would be about 50 times of what we have now at Copper Mountain,” said O’Rourke.

He said he anticipates sharing expertise and technology between the two mines.

“We would be leaning on the technology and good advice of some of our men and women at the mine.”

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Butter and sourdough bread is shown at a house in Vernon, B.C. on Wednesday, February 24, 2021. A Quebec dairy farmers’ group is calling on milk producers to stop feeding palm oil or its derivatives to livestock as controversy churns over how these supplements affect the consistency of butter. (THE CANADIAN PRESS - Jesse Johnston)
Poll: Care to spread your feelings on butter?

Reports of hard butter have rattled the Canadian dairy industry

A dose of COVID-19 vaccine is prepared at a vaccination clinic in Montreal’s Olympic Stadium on Tuesday, Feb. 23, 2021. THE CANADIAN PRESS/Paul Chiasson
39 new cases of COVID-19 in Interior Health region

The total number of cases in the region since the pandemic began is now at 7,334

Princeton has seen a 22 per cent drop in drug overdose fatalities in 2020. (File photo)
While B.C. overdose deaths soar, Princeton made a recovery in 2020

Between 2018 and 2020, eight Princeton residents died of suspected overdose.

Send your letter to the editor via email to news@summerlandreview.com. Please included your first and last name, address, and phone number.
LETTER: Options available for medical care

Telephone and online methods allow people to contact doctors

Youth from Vernon, Kelowna, Penticton and the Kootenays were able to dig into two evenings of online learning and connection through United Way Southern Interior B.C.’s <CODE>anagan program. (Submitted)<code> </code>
CODEanagan gives youth a chance to learn about technology

The youth, aged 12 to 21, built their own WordPress sites and developed blogging ideas

A health worker holds a vial of AstraZeneca vaccine to be administered to members of the police at a COVID-19 vaccination center in Mainz, Germany, Thursday, Feb. 25, 2021. The federal state of Rhineland-Palatinate, start with the vaccination of police officers in internal police vaccination centers. (Andreas Arnold/dpa via AP)
B.C. officials to unveil new details of COVID vaccination plan Monday

Seniors and health-care workers who haven’t gotten their shot are next on the list

An investigation is underway after a man was shot and killed by Tofino RCMP in Opitsaht. (Black Press Media file photo)
Man shot and killed by RCMP near Tofino, police watchdog investigating

Investigation underway by Independent Investigations Office of British Columbia.

B.C. Supreme Court in Vancouver on Tuesday December 11, 2018. THE CANADIAN PRESS/Darryl Dyck
B.C.’s compromise on in-person worship at three churches called ‘absolutely unacceptable’

Would allow outdoor services of 25 or less by Langley, Abbotsford and Chilliwack churches

Wills Hodgkinson, 10, and his mom Neeley Brimer get ready to battle round three of cancer. The community of Penticton has his back. (Submitted)
Community raises $21K to help Penticton boy battle third round of cancer

Okanoggin Barbers held the fundraiser on Saturday for 10-year-old Wills Hodgkinson

Baldy Mountain Resort was shut down on Saturday after a fatal workplace accident. (Baldy Mountain picture)
UPDATE: 70-year-old man killed in workplace accident at Baldy Mountain

The mountain closed on Saturday but has partially re-opened today (Sunday)

Jasmine and Gwen Donaldson are part of the CAT team working to reduce stigma for marginalized groups in Campbell River. Photo by Marc Kitteringham, Campbell River Mirror
Jasmine’s story: Stigma can be the hardest hurdle for those overcoming addiction

Recovering B.C. addict says welcome, connection and community key for rebuilding after drug habit

Chase RCMP held two men involved in drunken disturbances overnight in their detachment’s cells on Feb. 6. (File Photo)
Chase RCMP hold two men involved in drunken disturbances overnight

The two separate incidents took place less than an hour apart.

Kamloops Fire Rescue battled a landfill fire which belched toxic smoke into the air on Feb. 27. (City of Kamloops Photo)
Fire at Kamloops landfill sends thick black smoke into the air

Firefighters made slow progress on the fire throughout the morning.

A Vancouver restaurant owner was found guilty of violating B.C.’s Human Rights Code by discriminating against customers on the basis of their race. (Pixabay)
Vancouver restaurant owner ordered to pay $4,000 to customers after racist remark

Referring to patrons as ‘you Arabs’ constitutes discrimination under B.C.’s Human Rights Code, ruling deems

Most Read