Cash being raised for potential Ontonagon County mining operations

Highland Copper Company is selling mineral rights to more than 400,000 acres of land in the Upper Peninsula. The company announced that Sweetwater Royalties will purchase the rights to approximately 447,842 acres located in the Huron Mountains, and described as being “near the Eagle Mine.” The rights were purchased in 2017 from the Rio Tinto Company, which started the Eagle Mine. The Eagle Mine is now owned by Lundin Mining, and is not involved in the transaction.

Highland says Sweetwater will pay $3 million in cash, and assume liability for a $15 million promissory note. Sweetwater’s parent company, Orion Mine Finance, has also committed to purchasing $5 million worth of newly-offered Highland Copper stock. Highland is hoping to raise up to $26 million (Canadian) through that private stock offering. The money will be used to pay off existing debt, and help develop the Copperwood and White Pine Mine projects in the western Upper Peninsula.

Highland has agreed to restructure its board of directors by adding “independent” qualified individuals. The company also indicated that it will boost its management staff by the end of the year, as progress continues toward actual development of the two mines.