Copper Mountain Mining Corporation released a statement saying that the construction on its flagship project is right on schedule. They hope that the construction of the mine in southern British Columbia will finish by April this year and that production will begin by June. The project is located 20 km south of Princeton town in British Colombia.
The Copper Mountain Project is owned 75% by Copper Mountain Mining Corporation and 25% by the Japanese company Mitsubishi Materials Corporation. The company statement added that they had finished signing multi-year agreements for the trucking of concentrate to the port, the storage at the port, loading from the port and for the ocean freight as well.
The commissioning of mining equipment will take place in May 2011. The company is expected to produce 90,000 tonnes of ore a day. The project has about 534 workers on the site at present. Of these 180 are personnel of the company while the remaining are contractual work force members. When the company is at full production it will employ 271 personnel on the site.
The Copper Mountain Mining Corporation is a Canadian company listed on the Toronto Stock Exchange. It holds a good track record and the shares of the company are trading at Canadian$ 6.07. the project is fully financed and the mine expects to produce about 100 million pounds of copper each year.