Copper Mountain avoids Eva sale speculation
PERTH (miningweekly.com) – Dual listed Copper Mountain Mining has refused to be drawn into speculation that it was intending to sell its Eva copper project, in Queensland.
The miner was responding to media reports that it was making moves to divest the asset.
“The company’s policy is not to comment on market speculation. The company notes that it regularly reviews strategic opportunities to enhance shareholder value, and that there are no pending transactions with respect to the Eva copper project of any nature to note at this time,” the company said in a statement.
The Eva copper project is envisioned to be a conventional openpit operation, which is expected to cost some A$836-million to develop, and the project is expected to add over 100-million pounds of copper production a year to the Copper Mountain portfolio.
Copper Mountain in December of last year formally approved the development of Eva, contingent on completing detailed engineering to at least 80%. Total project expenditures for the first half of 2022 are estimated to be approximately A$40-million. Detailed engineering is planned for completion, to at least an 80% level, in the third quarter of 2022.
Copper Mountain said at the time that its current cash would fund near-term expenditure at Eva, and that it planned to finance the development of Eva through conventional project bank debt and internal cash flows. Project financing had been targeted for close by mid-2022.
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