- Write by:
-
Tuesday, December 17, 2019 - 10:24:37 AM
-
632 Visit
-
Print
Mining News Pro - Nevada Copper announced on Monday it has started production at the Pumpkin Hollow mine in Yerington, Nevada, becoming the first new copper producer in the country in the last decade. First shipment of concentrate and first revenues are expected in coming weeks, added the company.
According to Mining News Pro - In a media statement, Nevada Copper CEO Matt Gili said it was a “transformational moment” for the company, which only 16 months ago took a construction decision. Nevada Copper has spent about $200 million to develop the Pumpkin Hollow mine.
Ramp-up to full-scale commercial production at Pumpkin Hollow underground is underway through the first half of 2020.
The underground operation is expected to produce 65 million pounds of copper-equivalent a year at an all-in sustaining cost of $1.86/lb, nearly 50% below current copper prices. Its current mine life is 13.5 years.
The mine opens just as copper prices recently started to rise sharply and are projected to go higher due to increasing demand from the electric vehicle industry. According to Reuters, copper deposits in the US alone have drawn nearly $3 billion in recent investments from both small and large miners.
Analysts at Fitch Solutions predict that US copper production is set to grow by 2% in 2020. They noted that US miners such as Freeport-McMoRan are already positioning themselves for long-term recovery in global copper demand.
Nevada Copper plans to finish a feasibility study by the end of next year on whether to construct a nearby open-pit mine. The company controls about 22,000 acres in northern Nevada, and the underground mine itself is located 60 miles (100 km) from Tesla’s Gigafactory in the state’s northern edge.
Short Link:
https://www.miningnews.ir/En/News/459442
Private credit managers are doing significantly more fossil-fuel deals now than just a few years ago, as they step into ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Cocoa extended its surge — gaining more than $700 per ton in a single day and surpassing $9,000 for the first time ever ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
The Democratic Republic of the Congo overtook Peru as the world’s second largest copper producer in 2023, though it ...
The United States is looking to Africa to help loosen a Chinese stranglehold on battery metals and reduce Russia’s ...
Democratic Republic of Congo and Chinese investors on Thursday signed an agreement reached in January that revises some ...
Cleveland-Cliffs Inc. chief executive officer Lourenco Goncalves said he’d consider another bid — with union support — ...
No comments have been posted yet ...