B.C. mining company stakes claim in Australia

Copper Mountain is set to purchase Cloncurry Copper Project in a $93-million deal.

BC’s Copper Mountain Mining Corporation has announced the $93 million acquisition of an Australian company.

When the move is completed next March it will double CMMC’s production to 160 million pounds of copper per year, and put the Canadian firm in control of expansive mineral claims.

“It’s generating a lot of excitement with our people,” said company president Jim O’Rourke.

Altona Mining’s key asset is a 100 per cent undeveloped open pit, Cloncurry Copper Project, in Queensland Australia, with over 2 billion pounds of copper.

In addition to the identified resources Copper Mountain will be able to explore nearly 4,000 kilometers of “prospective targets” in the mineral rich region.

“The change in the price of copper changed things substantially,” said O’Rourke. “Realistically we are really strong believers in an upcoming bullish copper market and so to have copper assets at this point greatly strengthens the company.”

Not long ago the company’s future was uncertain in the face of depressed copper prices.

“About a year ago, when the price of copper was $2, we were struggling to make ends meet, but with the increase in the price of copper we have been able to gain in terms of some cash but also in terms of paying back some of our debts.”

In the last quarter copper sold at $2.91.

The $93 million price tag will be paid in CMMC stock, and the corporation receives $30 million in cash.

Copper Mountain Mining Corporation owns 75 per cent of Copper Mountain Mine in Princeton BC, where it employees 455 people.

The firm recently announced an extended lifespan for that site as the result of positive exploratory drilling.

To report a typo, email:


Like us on Facebook.

Just Posted

Protect the Water rally today in Kelowna

The rally will be held at No. 102 – 1420 St Paul Street, Kelowna.

Jury finds Chad Alphonse guilty of manslaughter in murder trial

Kelowna jury delivers its verdict a day after starting its deliberations.

Heavy rain causes flooding in the Central Okanagan

Portion of lower Glenrosa Road closed due to flooding

Feature Friday: Is the sky the limit for downtown Kelowna construction?

City building up, not out, as high rise living becomes more popular

Free theatre performance for Lake Country families

Robinson Crusoe + Friday will be performed at Creekside Theatre April 14

Your March 23 Morning Brief

Check out the top stories of the day in the Okanagan-Shuswap with Carmen Weld’s Black Press Morning Brief.

BCHL Today: Prince George avoids elimination with game five win

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Suspect arrested and charged for assault on autistic man

Parmvir Chahil has strong B.C. ties; two others charged with accessory after the fact

Uber self-driving crash video calls safety, rules into question

Experts say footage shows that vehicle’s sensors should have spotted pedestrian, initiated braking

Daily rainfall records set in the Okanagan

Penticton and Summerland were hit the hardest in the Okanagan with rainfall

Van search connected to bear spray incident

Suspected clandestine lab involved in brazen robbery near Vernon

Body found on Blind Bay Beach

Police and coroner investigating, foul play not suspected

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Greens’ Elizabeth May, NDP’s Kennedy Stewart join B.C. anti-pipeline protest

The two politicians could be arrested for violating a court injunction

Most Read