Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Canadian Copper (CSE: CCI) has entered an agreement to purchase the Caribou mill as a step toward de-risking and fast-tracking production from its Murray Brook copper-zinc-lead-silver deposit in the Bathurst mining camp of New Brunswick.
The Caribou mill complex includes a 3,000-t/d mineral processing facility with a primary grinding circuit, one semi-autogenous grinding (SAG) mill and one ball mill. There are two regrinding circuits with three ISA mills and one pall mill.
A differential sulphide flotation plant and regent system, laboratories, a tailings management facility, an underground mine, connection to the hydro grid, and a water supply for operations are included.
Canadian Copper has agreed to pay approximately C$6.2 million for the fully permitted complex, consisting of a C$225,000 deposit, half of which is refundable against the purchase price. The transaction is scheduled to close next July.
Simon Quick, CEO of Canadian Copper, hailed the agreement, stating that “the proposed transaction creates important synergies for Canadian Copper.”
“By integrating our large Murray Brook deposit with an already permitted and constructed Caribou complex that operated as recently as August 2022, we aim to significantly reduce the schedule, capital cost, and permitting time required to produce copper, zinc and lead concentrate from Murray Brook,” he said.
The company has already hired consultants to design, engineer and develop the mining and milling processes for the Murray Brook deposit. A preliminary economic assessment is due in the first half of 2025. Modifications to the water and tailings facilities are also under consideration.
The Murray Brook deposit contains measured and indicated sulphide resources of 21.1 million tonnes grading 0.45% copper, 0.91% lead and 2.49% zinc. There is also a measured and indicated oxide resource of 2 million tonnes at 1.03% copper, 0.74% lead and 2.22% zinc.
Resources in the inferred category comprise 110,000 tonnes of sulphides grading 0.41% copper, 0.68% lead and 1.82% zinc.
