Copper Mountain tightens its belt

The plummeting cost of copper has forced Copper Mountain Mine to look at economies

Copper Mountain is tightening its belt as it moves into 2015, however there are no plans for layoffs at the town’s largest employer, according to Chief Financial Officer Rod Shier.

“No, not at all,” said Shier. “We’ve already done our budget for 2015 and we’re happy with the mine plan and the operation, but any time your price goes down you always want to look at how you can operate more efficiently.”

Copper Mountain employs approximately 420 people at its Princeton operation.

A spiraling copper price has forced Copper Mountain to look at other efficiencies for the coming year, Shier told The Spotlight in an interview Monday.

“You do look at ways to improve operations whenever you are selling your product for less,” said Shier. “It’s that simple. We will look at things like extending tire life. The price of fuel has come down and that’s a plus, there’s no question.”

Copper is trading for approximately 25% less than a year ago, however Shier said some industry experts see a disconnect between the current price and inventories that should correct.

“We are hoping that this slump…that it’s just a temporary situation.

Copper Mountain released its 2014 production report Monday.  The mine produced 81 million pounds of copper last year. “We met our production guidance but it’s just on the lower end of that,” said Shier, who added the company had projected to produce between 80 and 90 million pounds.

“We were very happy with that, that we met our production guidance, because this was a first.”

The plan for 2015 is to produce 80 million pounds of copper.

A press release issued by Copper Mountain said “the company’s goal for 2015 is to continue to optimize performance of the Copper Mountain Mine and to maximize copper production in spite of the slightly lower projected head grade for 2015.”

The same release addressed future exploration at the 18,000 site. “The mine has significant exploration potential that will need to be explored over the next few years to fully appreciate the property’s full development potential.”

According to Shier exploration is still scheduled for the coming year. “That’s in our budget and in our plan for 2015 but if all of a sudden you have a lower commodity price you certainly are looking at those things.”








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

Just Posted

Interior Health reported 79 new cases of COVID-19 and two new death in the region Friday, Jan. 22, 2021. (Ben Hohenstatt/Juneau Empire)
79 new COVID-19 cases, two deaths reported in Interior Health

Both of Friday’s deaths were both recorded at long-term care homes

Sunnybank in Oliver. (Google Maps)
Sunnybank long-term care in Oliver reports third COVID-19 death

The facility currently has an outbreak with 35 cases attached to it

A historic home near Granny’s Fruit Stand in Summerland was the home of two of the community’s mayors. J.R. Campbell and Don Cameron both lived at the home on Highway 97 in Summerland, but not at the same time. (Photo courtesy of the Summerland Museum)
Historic house was home to two Summerland mayors

Building along Highway 97 was constructed in 1906

Interior Health reported 91 new COVID-19 cases in the region Jan. 20, 2021 and three additional deaths. (Jennifer Smith - Morning Star)
95 new COVID-19 cases in Interior Health, two deaths

Another member of Vernon’s Noric House has passed

(Pixabay photo)
Black Press Weekly Roundup: Top headlines of the week

In case you missed it, here’s what made waves throughout the week

Sunnybank in Oliver. (Google Maps)
Sunnybank long-term care in Oliver reports third COVID-19 death

The facility currently has an outbreak with 35 cases attached to it

Chief Public Health Officer Theresa Tam speaks during a daily briefing in Ottawa. (THE CANADIAN PRESS/Adrian Wyld)
31 cases of COVID-19 variants detected in Canada: Health officials

Dr. Theresa Tam made announces 13 more variant COVID-19 cases in Canada

Administrative headquarters for the Regional District of Central Okanagan in Kelowna. (File photo)
Tempers fly over a pricey picnic shelter in the North Westside

Lack of detail on $121,000 shelter expenditure further incites self-govenance wishes

Big White Village on Dec. 16. (Big White photo)
11 more COVID-19 cases linked to Big White cluster

Interior Health provided an update on the cluster on Friday

Royal Inland Hospital in Kamloops. (Dave Eagles/Kamloops This Week file photo)
COVID-19 outbreak declared at Kamloops’ Royal Inland Hospital surgical unit

Despite 6 South being a surgical unit, RIH said surgeries are continuing at the hospital

Send your letter to the editor via email to Please included your first and last name, address, and phone number.
LETTER: Historic poem is appropriate for new U.S. president

In 1941, Roosevelt made reference to poem by Longfellow

Daily COVID-19 cases reported to each B.C. health region, to Jan. 20, 2021. Island Health in blue, Northern Health green, Interior Health orange, Vancouver Coastal in red and Fraser Health in purple. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infection rate stays stable with 508 cases Friday

Vaccine delivered to more than 110,000 high-risk people

(Phil McLachlan - Capital News)
‘It’s incredibly upsetting’: Kelowna health care worker demands WestJet ticket refund

Kelowna woman has been waiting almost a year for a refund on her Kelowna to Edmonton flight

Most Read