Canadian miner Copper Mountain has announced it plans to invest some A$ 836 million (US$595 million) to open its Eva copper mine in Queensland, Australia. The announcement was made as part of an updated economics and development plan for the project.
“Eva’s project economics are strong and have improved compared to the May 2020 Feasibility Study,” said Gil Clausen, the president and CEO of Copper Mountain, as quoted in a statement.
“The current inflationary environment prevalent globally, particularly for some material and labour supply in Queensland Australia , has resulted in some Project capital cost escalation. We believe this im-pact will ease as the local economy opens fully after COVID-19 re-strictions lift, materials flow regularly, and labour pressures relax over the next six to 12 months,” he said.
Copper Mountain said it continues to advance the project financing process. The company expects it to close mid-2022.