Plans for $275 million U.P. copper mine moving forward
BESSEMER, Mich. (AP) — The recent results of a feasibility study have provided a comprehensive overview of a mining project in Michigan’s Upper Peninsula.
Highland Copper Company Inc. has announced the results of their 8-month feasibility study for its copper mine project in Gogebic County, WLUC-TV reported.
The study shows initial capital cost of the project will be about $275 million. The company will now focus on financing and permits.
Sylvain Collard, general manager of Highland Copper Company, said the company is pleased with the study’s findings and wants to move forward with the project.
“We are going to go underground and use the technology to drill and blast mine 66 hundred tons per day and the rough number of per year will be 2.4 million tons coming out of the ground and we will process that ore in the process plant,” said Collard. “We have an internal rate of return of 18 percent.”
Construction could begin in January with hopes of an initial copper production start by 2021.
“We hope to have all the permits in place by the end of fall of this year,” said Collard. “Our CEO is working really hard to put the financing in place and meeting with investors and bankers.”
This project will create more than 400 jobs, which the company plans to fill from within the community.
“We are going to create so many new jobs, we need to train the people in the area, underground we need some new miners, mechanics, welders, electricians, so the next step will be to meet with universities and the community,” Collard said.