Highland Copper obtains new air permit for Copperwood project

Highland Copper (TSXV: HI) announced on Tuesday it has been issued a new air quality permit for the Copperwood project in Michigan that company says would provide “flexibility” in power generation for the proposed underground mine.The permit, also known as “permit to install” in Michigan, was approved by the Department of Environment, Great Lakes, and Energy (EGLE) following its review of public comments as part of the state and federal permitting process. It replaces the previous air quality permit granted to Copperwood in 2018.“The issuance of this permit underscores that Copperwood has been designed to meet rigorous environmental standards and operate responsibly within the community,” commented Barry O’Shea, CEO of Highland Copper, in a press release.The company envisions Copperwood as a low capital intensity greenfield project that can reach commercial quickly. To date, it has secured all permits required to begin construction.According to a feasibility study completed in 2023, the project would produce 64.6 million lb. of copper and 106,966 oz. of silver annually over a projected 11.7-year mine life. Its after-tax net present value is estimated at $168 million, with an internal rate of return of 17.6%. Initial capital expenditures are set at $391 million.The underground operation will use a room-and-pillar mining method with an estimated average processing rate of 6,800 tonnes per day. Facilities on site will include grinding, flotation, concentrate thickening, concentrate filtration, storage, and loadout.Shares of Highland Copper traded 5.2% lower at C$0.09 apiece, for a market capitalization of C$66.3 million. The stock had been trading between C$0.07 and C$0.16 over the past 52 weeks.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com