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Two proposed western Upper Peninsula copper mines have moved a step closer to reality.
Highland Copper company has sold two-thirds interest in its White Pine North project to Kinterra Copper USA for $30 million cash. Highland officials say they’ll be able to use that money to push forward their Copperwood project in Gogebic County. Copperwood is fully permitted, and ready for preliminary site work to begin. Officials say they hope to begin preliminary site work and environmental projects next year.
In addition, Kinterra will invest $30 million for permitting and feasibility studies at White Pine North, in Ontonagon County. An additional $10 million loan will be made available for additional expenses.
Highland also released the results of a preliminary economic study on the White Pine North project. Recent testing has enabled them to increase the estimated amount of available minerals to as much as 5.7 billion pounds of copper, and 93 million ounces of silver. If fully realized, the proposed mine could operate for 22 years.
The White Pine North project will create a new mine on the Nonesuch Lode adjacent to the heritage White Pine Mine, which was the most productive in Upper Peninsula history before it closed in the mid-1990s.
See Highland’s full announcement here.
