BC’s Copper Mountain Mining Corporation has announced the $93 million acquisition of an Australian company.
When the move is completed next March it will double CMMC’s production to 160 million pounds of copper per year, and put the Canadian firm in control of expansive mineral claims.
“It’s generating a lot of excitement with our people,” said company president Jim O’Rourke.
Altona Mining’s key asset is a 100 per cent undeveloped open pit, Cloncurry Copper Project, in Queensland Australia, with over 2 billion pounds of copper.
In addition to the identified resources Copper Mountain will be able to explore nearly 4,000 kilometers of “prospective targets” in the mineral rich region.
“The change in the price of copper changed things substantially,” said O’Rourke. “Realistically we are really strong believers in an upcoming bullish copper market and so to have copper assets at this point greatly strengthens the company.”
Not long ago the company’s future was uncertain in the face of depressed copper prices.
“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.
The $93 million price tag will be paid in CMMC stock, and the corporation receives $30 million in cash.
Copper Mountain Mining Corporation owns 75 per cent of Copper Mountain Mine in Princeton BC, where it employees 455 people.
The firm recently announced an extended lifespan for that site as the result of positive exploratory drilling.
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