The plan is expected to mitigate operating risks and enhance flexibility of the underground operations, said the company press release.
SEATTLE (Scrap Monster): Nevada Copper announced that it has entered into agreement with its key financing in providing liquidity up to $93 million in support of the restart and ramp-up of its Pumpkin Hollow underground copper mine in Yerington, Nevada. Also, it unveiled the key components of its restart plan for the mine.
The timely execution of the restart plan will help to ramp up the underground production from the mine to hoisting rates of approximately 3,000 tons per day by third quarter of 2023, which will further rise to 5,000 tons per day in the fourth quarter of 2023. The plan is expected to mitigate operating risks and enhance flexibility of the underground operations, said the company press release.
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Randy Buffington, CEO, Nevada Copper said that the ongoing pause in production allows the company to make meaningful changes to address challenges that were impeding the final stages of the ramp-up. The ongoing pre-feasibility study update process will advance the open pit project at Pumpkin Hollow. Furthermore, he thanked the employees and its key suppliers for their commitment and support through the recent challenges.
Incidentally, Pumpkin Hollow is aid to hold substantial reserves and resources including copper, gold and silver.
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