(Kitco News) - Highland Copper is aiming to make a construction decision on its Copperwood project in Michigan by the end of 2025, according to CEO Barry O'Shea.
O'Shea spoke with Kitco Mining at the 2025 Mines and Money Conference in Miami, Florida, about the company's plans to capitalize on the rising copper prices.
Copper prices have recently surged, driven by factors such as energy policies and the focus on resource independence. Futures have gone up well over $4.50 per pound. O'Shea noted that the Trump administration has intensified the conversation around energy and U.S. resource independence.
"The Trump administration has just continued to highlight and intensify the conversation around energy and use U.S. resource independence," O'Shea said.
Highland Copper operates on private land in Michigan and is fully permitted to construct and operate. O'Shea believes that the current administration will smooth the way for permitting. He also noted the previous administration put considerable funding programs in place.
"There just wasn't a focus on the domestic mining of critical minerals, and I think that held things back," O'Shea stated.
A key challenge for the U.S. is boosting its refining capacity. Currently, the U.S. produces less than 5% of the global copper supply and refines even less. O'Shea emphasized that this is a "real issue" for domestic production and independence.
To achieve its goals for the Copperwood asset, Highland Copper is working to optimize the project and advance detailed engineering. The overall CAPEX for Copperwood is $400 million. The company is seeking debt financing in the $200 million range. The state of Michigan is considering a $50 million loan.
O'Shea is optimistic about the future of copper mining investment. "I think it's going to change. I certainly think that we're at an inflection point as we step into this year," he said.
The company's goal is to have the Copperwood asset at a construction decision standpoint by the end of the year. "Within one year time, we expect to have one of those assets," O'Shea said.
Special thanks to our sponsor, Goldshore Resources, for making this coverage possible. Visit https://goldshoreresources.com/ to learn more.
Subscribe on Apple Podcasts, Amazon Music and Spotify. You can also add the RSS link to your favorite podcast player: LINK