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Nevada copper is expected to start production by the end of 2019

Author:Wanhe    Time:2019-11-25     Clicks:14024

Nevada copper (TSX: NCU) said it still expects to put its pumpkin hole underground mine into production by the end of the year.

The company said in a statement that the construction of the processing plant was "basically completed" and about 95000 tons of ore had been mined and stored for use by the smelter.

The wholly owned pumpkin hollow will be the first new copper mine to be built in the United States in decades. It expects pre production capital expenditure of $197 million, and Nevada copper said construction costs "remain within the range announced earlier this year.".

The company also announced that it has become a US $30 million credit arrangement arranged by major shareholder Pala investments and has entered into a binding term sheet, which provides "additional financial resources to cope with the current depressed copper price environment, to cope with the impact of delays in the East North vent shaft and to address normal technical risks associated with upgrading." The facility replaces the previous equity support facility.

Matt Gili, chief executive, joined Nevada copper last year from Barrick gold as part of a management change and recapitalisation plan. He mentioned that we are in the final stage before the official production is announced. Our team and contractors will continue to deliver as planned as we prepare for production this quarter. As we increase copper production in the first half of 2020, the increased non dilutive lines of credit to shareholders will provide additional liquidity. "

In the first five years of operation, an underground mine with a daily output of 5000 tons will produce 60 million pounds of copper (about 27000 tons) per year, 9000 ounces of gold and 173000 ounces of silver.

The mine is planned to be based on a copper mine with a total reserves of 23.9 million tons and a grade of 1.74%. In the first five years of production, the average grade will be slightly higher than 2%.

The initial mine life claimed by pumpkin hollow is 13 and a half years, with the potential for extension. It is estimated that it is 636 million tons.