Pumpkin Hollow in Yerington is one step closer to production on the property.
Nevada Copper Corp. entered into agreements for a $378 million construction recapitalization and financing package which will possibly allow for the mine’s first production slated for 2019 from the Pumpkin Hollow Copper Property.
The comprehensive financing package will allow for the restart of construction of the underground pit and position Nevada Copper Corp. to have its first production in 2019 and open-pit project expansion drilling and works to commence during the first quarter of this year.
The first fully permitted copper project to sale to begin production in the United States, in years, Pumpkin Hollow consists of two mines; a near-production high-grade underground mine with existing shaft and infrastructure as well as a large-scale open-pit project.
Financing for the project is provided by Triple Flag Mining Finance Bermuda Ltd., Pala Investments Ltd., Red Kite Mine Finance, Concord Resources Ltd. as well as other investors including JP Morgan Asset Management U.K.
“This financing is a pivotal moment for Nevada Copper,” said Evgenij Iorich, chairman of Nevada Copper. “We now look forward to swift progress with project development, including the near-term appointment of EPC and mining contractors, securing of long-lead items for the underground project, resource extension drilling for the open-pit project and realizing the full value of this strategic asset.”