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Gold/Mining/Energy : Copper - analysis

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From: LoneClone	2/13/2007 10:41:01 AM
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Teck Cominco announces Highland Valley mine life extension to 2019 Source: Press Release metalsplace.com Teck Cominco Limited (TSX – TCK.A; TCK.B; NYSE – TCK) announced Monday that it will proceed with a further six year extension of the life of the Highland Valley copper mine near Kamloops, British Columbia from 2013 to 2019. The revised mine plan contemplates that from 2013 to 2019 an additional 247 million tonnes of ore from an expanded Valley pit and continued mining of the Highmont pit will produce 1.5 billion pounds of copper and 21 million pounds of molybdenum in concentrate. The capital cost associated with the extension is approximately $300 million (in 2007 dollars), consisting of $167 million in incremental waste stripping and the balance for mobile equipment. Approximately $50 million of mobile mining equipment will be ordered in 2007 to permit waste stripping to commence in 2009. Copper production during the extension period from 2013 to 2019 is expected to average approximately 295 million pounds per annum. Life of mine copper and molybdenum grades are expected to decline by approximately 10% as a result of the inclusion of lower grade ore in the mine plan. Teck Cominco President and Chief Executive Officer, Don Lindsay, said: "This is good news for the workforce at Highland Valley, local communities, the Province of B.C. and for Teck Cominco shareholders. Highland Valley is one of the most efficient mining operations in the copper industry, and this extension significantly adds to its potential for the future."

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