Metals News
UPDATE 1-Copper Mountain Sees No Impact of Japan Quake on Key Project
industry news
Mar 18,2011

Mar.17 (Reuters) - Canada's Copper Mountain Mining Corp said copper supply plans from its flagship mine in British Columbia remained unaffected despite stakeholder Mitsubishi Materials Corp shutting down a unit.

In 2008, Mitsubishi Materials bought a 25 percent stake in the mine and agreed to purchase all the copper concentrate from the project for the first 10 years.

The project is on schedule to produce about 100 million pounds of copper a year by mid-2011, the Canadian company said in a statement.

On March 11, Mitsubishi Materials, Japan's third-largest copper smelter, said its Onahama copper smelter halted operations due to power outages caused by the quake.

Mitsubishi Materials owns 50 percent of the Onahama smelter, which produces about 300,000 tonnes annually.

The overall schedule for the British Columbia project remains unchanged, with construction expected to be completed by the end of April and full production expected by end of June.

Shares of the company were up a percent at C$6.10 on Thursday on the Toronto Stock Exchange. Since the massive earthquake and tsunami in Japan, the shares had lost about 6 percent till Wednesday.


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