- Copper Mountain Mining (TSX:CMMC) has announced an improved feasibility study for the Eva Copper project
- The Australian mine has recently added two mineral deposits to its mining plan, the Scanlan and Blackard pits
- The feasibility study shows a total life of mine capital development spend of C$692 million
- Annual copper production is now estimated to hover around 100 million pounds of copper, a 25 per cent increase
- Copper Mountain Mining Corp (CMMC) is down 2 per cent to $0.465 per share with a market cap of $88 million
Copper Mountain Mining Corp (TSX:CMMC) has released an improved feasibility study for the Eva Copper Project in Queensland, Australia.
The improved feasibility study shows much more attractive economics for the project, including higher after tax net present value, higher production volumes, lower cash outlays and longer mine life.
Economic metrics are the most improved facet of the feasibility study, especially the increase in net present value.
Total initial development capital required is now approximately $537 million. The estimated average annual copper production is also now 100 million pounds per annum, or a 25 per cent increase on its original feasibility study.
The company also now expects Eva’s life will stretch from 13 years to 15 years.
This has primarily been based upon two further copper despots at Eva that Copper Mountain Mining has recently added into its feasibility study. The Blackard and Scanlan deposits were recently added to the study after an intensive exploration program.
Copper Mountain’s President and CEO Gil Clausen said the results proved Eva was a high-quality project, with improved economics, higher production, longer mine life and lower operating costs.
“The Blackard and Scanlan deposits were added to the mineral reserves, increasing total mineral reserves by 46 per cent, and we have made process flow sheet optimisation.
“Eva copper has the potential to add significant production and cash flow to our existing solid operating base.
“While we are and will continue to add value to Eva Copper, it should be noted that we will only move forward with development in the right copper price environment,” he said.
Copper Mountain Mining Corp (CMMC) is down 2 per cent to $0.465 per share at 9:27 pm EDT.
