Excelsior Mining completes construction
In-situ copper miner Excelsior Mining (TSE:MIN) said today that all significant construction at the Gunnison copper project related to well-field operations is now complete and the company expects the first copper cathode production in Q4 2019.
The company said it is awaiting regulatory approval for commencement of mining operations, which it expects to receive within the next several weeks.
The company said wet commissioning is currently being conducted, whereby downhole pumps are being turned on and water is being transported from the various ponds by the pipeline corridor to test operational readiness.
Excelsior said it will be America's lowest cost copper producer. The Gunnison copper project's feasibility study projected an after-tax net present value of $807-million (U.S.) and an internal rate of return of 40 per cent using a $2.75 (U.S.) per pound copper price and a 7.5-per-cent discount rate.