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The long-delayed project to resume mining at White Pine may be ready to take a big step forward.
Highland Copper Company announced yesterday that it has arranged financing that will enable it to close on the purchase of the property from the Copper Range Company. The purchase has been pending for seven years, while financing was put together, and assurances were drawn that would protect Copper Range from future environmental liability.
Highland officials said the final funds needed will come from Osisko Gold Royalties, Ltd. Osisko has exercised its option to purchase the entire proceeds from silver obtained from Highland’s proposed White Pine and Copperwood projects for $26 million.
The White Pine project is located adjacent to the former White Pine Mine. The Copperwood site is at the south edge of the Porcupine Mountains Wilderness State Park.
In a report released in 2019, Highland estimated the White Pine project could produce more than 1,000,000 tons of copper, and 31,000,000 ounces of silver. Start-up costs were estimated at around $500 million.
In yesterday’s release, company officials said they are prepared to complete the White Pine property purchase this month.
