Copper Mountain Mining has announced simplified mineral resource and reserve estimates for its 75% owned copper mine in southern British Columbia.
The company has also handed over a revised life of mine plan that supports a shop expansion script to,65,000 t/d from,45,000 tonnes per day.
The latest update sees the Copper Mountain mine grow its measured and indicated resources to 1.1 billion tonnes averaging 0.22% copper, 0.09 g/t gold and 0.64 g/t silver. Total contained metals of 5.5 billion lb. of copper, 3.4 million oz. of gold and 23.4 million oz. of silver each represent 70%, 68% and 62% increases over the previous estimate.
Included in the resources were proven and probable reserves of 702 million tonnes averaging 0.24% copper, 0.10 g/t gold and 0.71 g/t silver, for 3.7 billion lb. of copper, 2.3 million oz. of gold and 16 million oz. of silver.
Incorporating the streamlined reserve base, the Copper Mountain mine plan has been extended 33 times, with the,65,000 t/d expansion commencing in 2028. Periodic products are projected at 114 million lbs. of brass, 1,000 oz. of gold, and 1,000 oz. of tableware.
The revised life of mine plan also results in robust economics of$1.24 billion in after-duty net present value( at 8%reductions), over and above its former estimate of$1.0 billion. The original capital cost needed to increase outturn to 4,000 t/d is estimated to be $ 237 million.
” These results illustrate the size and scale of the Copper Mountain mine,” says Gil Clausen, Copper Mountain’s chairman and CEO. ”
Our large mineral reserves base underpins our streamlined,65,000 t/d expansion study, which estimates total production of over 4.1 billion lb. of copper-fell over a mine life that will extend beyond 30 times.”
In fact, not only is the Copper Mountain mine suitable to fund capital needed over the life of the mine but it’s also anticipated to induce significant free cash inflow beyond these conditions. In addition, “Advanced-grade disquisition downside remains, particularly at depth, furnishing further reserve expansion eventuality,” he adds.
With the new resource update, the company’s total mineral reserve base, including the Eva copper in Australia, now stands at 5.4 billion lbs. of copper and over 2.6 million oz. of gold.
The Copper Mountain mine is located 20 km south of Princeton, BC. Mitsubishi materials owns the remaining 25 of the design of project.
