Name of the Project
Copperwood project.
Location
Western Upper Peninsula of Michigan, in the US.
Project Owner/s
Highland Copper’s US subsidiary Copperwood Resources.
Project Description
The project envisages an estimated 11-year operation averaging payable copper production of 64.6-million pounds a year and payable silver production of 106 966 oz/y.
Life-of-mine production is estimated at 300 000 t of copper and 1.1-million ounces of silver.
Room-and-pillar mining methods will be used given the relatively subhorizontal orebody that varies in thickness from 1.6 m to 3.7 m.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an after-tax internal rate of return of 17.6% with a net present value, at an 8% discount rate, of $222-million before taxes and $168-million after taxes. Payback is estimated at 3.5 years.
Capital Expenditure
Initial capital is estimated at $391-million.
Planned Start/End Date
Commissioning and plant ramp-up will take place during the first quarter of 2026.
Latest Developments
The state of Michigan granted Highland Copper a performance-based grant totalling $50-million for its Copperwood project in April 2024.
The grant, sourced from the Strategic Site Readiness Programme under the Strategic Outreach and Attraction Reserve Fund, aims to facilitate investment-ready sites and bolster economic development.
Funds will be disbursed as performance-based reimbursements, primarily focusing on infrastructure development, including roads, communications infrastructure, and power supply to the site.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Highland Copper, tel +1 450 677 2455 or email info@highlandcopper.com.