Jim O’Rourke, President & CEO of Copper Mountain Mining, talks future plans of this copper mine in Princeton, British Columbia.
Copper Mountain mining cooperation is a mid-tier copper producing company with about 20% or our revenue coming from precious metals, mainly gold. We have very large 18,000 acre resource area near Princeton British Columbia. The location is about 300 kilometers east of the Port of Vancouver in Southern British Columbia and we have excellent exploration potential on the site.
In the past couple of years we have drilled some of the areas upgraded our resource and basically replaced our reserve that we’ve mined over the last few years. 100% of our copper concentrate produced is shipped through Vancouver and goes to one of two smelters of Mitsubishi’s in Japan. We enjoy a competitive of benchmark melting terms and receive LME pricing on all of our product, so this has worked out very well for us.
Copper being commodity that is essential for power and our population growth in the world, we’re quite bullish on the future for copper. For about every 10 cent increase in the price of copper we gain about 12 Million Dollars to the bottom line, which greatly strengthens the balance sheet and also add substantial value to the shareholders.
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