Panama president sees no environmental threat from copper at closed First Quantum mine
Environmentalists as well as mining companies had raised concerns over risks from leaving the copper on site.
Darwin Financial Company (DFC), an investment firm focused on US-based strategic mineral resource projects, has reached an agreement with base metals miner INYOAG LLC for a $55 million project financing to develop the Darwin mine in Inyo county, California.
The funds will be used to make essential upgrades to the infrastructure of the Darwin mine, carry out exploration initiatives and implement operational enhancements, DFC said. The Darwin project aims to revitalize a historically significant mining operation with over $749 million previously invested in existing infrastructure.
According to the firm, the Darwin mine hosts substantial and proven reserves of silver, lead, zinc, tungsten and copper. It also contains deposits for germanium, hafnium, gallium and antimony — minerals critical to technologies including fiber optics, night vision devices, aerospace alloys and 5G networks.
The investment will support the expansion and modernization of the mine’s operations, focusing on extracting minerals crucial to US technology and defense industries, DFC said, adding that the project aims to play a crucial role in strengthening America’s supply chain security by reducing its dependence on foreign sources of critical minerals.
DFC and INYOAG are also planning a 100MW solar project that will utilize existing conduit rights of way to local power authorities to support sustainable energy production for the mine and surrounding areas.
In addition, DFC said the mine’s naturally cooled limestone crust will be used to design new chambers that will house a cutting-edge data center for AI and bitcoin mining.
“This agreement marks a significant milestone in our mission to secure America’s critical mineral future,” Derek Pew, DFC managing partner, said in a news release. “By partnering with INYOAG, we’re not just investing in a mine – we’re investing in US technological leadership and national security.”
Comments
Eric Simpson
What an odd stock photo to use. I have more questions about that “cannon” than I do the topic of the article.