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.”

Just Posted

Longtime SOWINS volunteer Diane Fru (far left) walks with members of her family as they Walk To End Abuse Sunday, June 13, 2021. South Okanagan Women In Needs Society (SOWINS) raised a record amount this year. (Monique Tamminga Western News)
Walk to End Abuse in South Okanagan breaks fundraising record

More than $53,000 raised so far while the pandemic has increased need for SOWINS’ services

The Great Ogopogo Bathtub Race has been held in Summerland as a fundraising event. Do you know which Canadian city introduced this sport? (Black Press file photo)
QUIZ: A summer’s day at the water

How much do you know about boats, lakes and water?

RCMP thanked the public for assistance in finding Benjamin Archie, last seen in Princeton. (RCMP)
Missing Chilliwack man found safe and sound

The 80-year-old had walked away from his home in Chilliwack

Princeton’s Spotlight wins two provincial awards for excellence

Publisher takes first place for investigative reporting

Princeton GSAR responds 24 hours a day, 365 days a year. In 2020 the crew was called out 34 times, and members spent 721 hours on calls, and 683 hours training. Photo Princeton GSAR Facebook
Teen missing in Manning Park found after 24 hours

Young man spends night on mountain and survives with just a few scrapes

Singer-songwriter Jann Arden is pictured with a draft horse. (Canadian Horse Defence Coalition)
Jann Arden backs petition to stop live horse export

June 14 is the International Day to End Live Export of Animals

Montreal Canadiens goaltender Carey Price (31) is scored on by Vegas Golden Knights defenseman Alec Martinez, not pictured, during the second period in Game 1 of an NHL hockey Stanley Cup semifinal playoff series Monday, June 14, 2021, in Las Vegas. (AP Photo/John Locher)
Habs fall 4-1 to Vegas Golden Knights in Game 1 of NHL semifinal series

Match was Montreal’s first game outside of Canada in 2021

(Dave Ogilvie photo)
One injured after being pinned by fallen forklift near Peachland

West Kelowna emergency crews responded to reports of a person stuck under a forklift

Penticton Overdose Prevention Society co-founders Desiree Franz, Shane Surowski and Stephanie Lines have created the city’s first unsanctioned public overdose prevention site using an old wine-tour bus. The site began operations in June 2021. (Desiree Franz/Facebook)
Volunteers launch Penticton’s first public supervised injection site

2021 is on pace to be the deadliest year for overdoses in Penticton on record

Kelowna-Lake Country MLA Norm Letnick, assistant deputy speaker at the B.C. legislature, presides over committee discussions. The legislature is completing its delayed spring session this week, with most MLAs participating by video conference. (Hansard TV)
B.C.’s daily COVID-19 infections dip below 100 over weekend

Only 68 new cases recorded Monday, four additional deaths

B.C. ambulance station in Revelstoke is expected to get a new system called the Scheduled On-Call (SOC) this fall. (Liam Harrap - Revelstoke Review)
B.C. ambulance changes could put Revelstoke residents at risk, warn local paramedics

Paramedics said to expect a substantial increase in ambulance response time starting this fall

This goose family went for a leisurely stroll down Vernon’s Main Street Saturday, April 25. (Dave Deshane photo)
Controversial Vernon goose cull won’t fly this year

Necessary permit procedures held up at a federal level

Mounties cover a burgundy truck with a tent at Buckerfields in West Kelowna on Monday, June 14. The RCMP is investigating after a woman’s body was found inside the truck. (Amandalina Letterio/Capital News)
West Kelowna RCMP investigating suspicious death after body found in truck

Police responded to a truck parked out front of a Main Street business where the body was found

The BC Ferries website went down for a short while Monday morning following a provincial announcement that recreational travel between health authorities can resume Tuesday. (Black Press Media file photo)
BC Ferries’ website crashes in wake of provincial reopening announcement

Website back up now, recreational travel between health regions to resume as of Tuesday

Most Read