Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Nevada Copper (TSX: NCU) announced on Tuesday it has completed the underground materials handling system of the main shaft at its Pumpkin Hollow underground mine in Yerington, Nevada.
Completion of the materials handling system represents a “significant milestone” in the construction of the underground project, the company said. The entire project included sinking the vent shaft, sinking the main shaft and construction of the processing plant.
Pumpkin Hollow was the first US copper mine to come on line over the past decade
The materials handling system would result in a significant increase in hoisting rates, from currently 1,000 tpd to ultimately 5,000 tpd once commissioning and ramp-up are completed. This is expected to enable the underground mine to deliver substantially higher volumes of ore directly from the mine to the processing plant.
“With the completion of the materials handling system, we can now utilize the full hoisting capacity of the main shaft as we ramp up the mine towards full production,” CEO Mike Ciricillo said in a press release.
Earlier this month, Nevada Copper received a financing package including $31 million in cash for completing the ramp-up of the underground project.
Pumpkin Hollow was the first US copper mine to come on line over the past decade. The underground mine is capable of producing 50 million pounds of copper during a 13.5-year mine life.
Shares of Nevada Copper gained 6.2% by 12:10 p.m. in Toronto. The copper miner has a C$189.7 million market capitalization.
