LONGUEUIL, QUEBEC – The Canadian company Highland Copper and Orvana Minerals Corporation have entered into an agreement for Highland to acquire the Copperwood Project in Gogebic County. The $25 million purchase is expected to be completed by April 30.
The move consolidates Highland Copper’s mining interests in the western Upper Peninsula including the recent purchase of the White Pine Mine and interests in Keweenaw County.
Executive Chairman David Fennell says it establishes Highland Copper as an emerging intermediate copper producer.
“The synergistic combination of these three assets in a single portfolio will bring together a large-scale historical estimate of copper reserves and resources at White Pine and Copperwood, and additional potential copper resources from the Keweenaw projects,” Fennell said.
Highland will pay Orvana up to $25 million in aggregate, of which $20 million will be paid in cash upon closing and $5 million will be paid in cash or shares of Highland, at Orvana’s option.