Vancouver – Constellation Copper (CCU-T) has been actively arranging loans and cashing up on its path to activate the Lisbon Valley copper mine located in southeastern Utah.
Having arranged a US$30-million credit facility and lining up a $20-million private placement financing, 30.8 million shares at $0.65 per share, the company has recently placed a major order for its mining fleet.
Constellation has deposits on four new 205-ton Komatsu 730E haul trucks and one new 26.2 cubic-yard Komatsu WA1200 wheel loader. With lead-time requirements, the order will ensure delivery of these major components to the mining fleet for the planned start of operations in mid-2005.
The balance of equipment for the operation including two blast-hole drills, two crawler dozers, two water trucks and a grader will be ordered at a later date. Additionally, the company plans on adding a fifth haul truck in the second year of operation.
Constellation plans to mine the project from a number of open pits with the ore being processed through heap leaching and solvent extraction-electrowinning (SX-EW) copper extraction. Annual cathode copper production capacity is expected to be in the order of 24,500 tonnes with current proven reserves sufficient for at least seven years of mine life.
The company reports 74.9 million shares outstanding, as of the latest figures, giving a market capitalization of about $52 million at the present trading level of 70 per share.
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