(Kitco News) – Excelsior Mining (TSX: MIN) announced today that first copper cathode production has been achieved at the Gunnison copper project in Arizona.
According to Excelsior, copper cathode production has commenced, and first copper cathode sales are anticipated for January 2021.
The wellfield optimization program has expanded to include more production wells; additional time will be required to bring the entire wellfield into production.
President and CEO Stephen Twyerould said, “I am happy to confirm that Excelsior Mining is the newest copper producer in the United States. Our focus for the coming quarter will be on expanding wellfield operations with the goal of achieving full, nameplate, capacity of 25 million pounds per annum by late 2021. Finally, in consideration of the timing of this news, I want to wish all of our stakeholders a safe and happy Christmas season.”
Excelsior is a mineral exploration and production company that owns the Gunnison copper project in Cochise County, Arizona. The project is a low cost in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. The Feasibility Study projected an after-tax NPV of US$ 807 million and an IRR of 40% using a US$ 2.75 per pound copper price and a 7.5% discount rate.