Nevada Copper Accelerates Development of Pumpkin Hollow Underground Project, Nevada
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Nevada Copper released an update on its operations and planning for production restart.
In light of the extended restrictions that remain broadly in place as a result of the COVID-19 pandemic, the company continues to maintain the temporary suspension of copper production while initiating an accelerated mine development plan at its Pumpkin Hollow underground project. Ongoing mine development during this period enables the company to continue on its critical path for the underground mine and provides an improved trajectory for production growth upon mill restart.
Following the April 6 temporary suspension of production, the company has taken the following measures to preserve its liquidity and utilize this period of interruption to accelerate completion of the main shaft and further advance lateral development which is expected to both de-risk ramp-up upon mill restart and facilitate an increase in production rate.
COVID-19 Mitigation Measures implemented to-date
• Concentrator maintained operation ready: Given the temporary nature of the suspension, critical processing staff remain either on site or available to return to site, and the concentrator is in a restart ready condition.
• Critical path mine development accelerated: This period offers the opportunity to focus resources on accelerated critical path mine development, which de-risks completion of the main shaft in its final configuration. Additional lateral development also provides enhanced operating flexibility, through opening-up of additional stoping zones and reduced ramp-up to full production capacity upon restart.
• Temporary cost reduction: Cash burn has been significantly reduced through various cost saving measures, providing the ability to focus on additional mine development. The company is also pleased to have received support from its key suppliers, providing cost reductions and additional flexibility during this period. The company’s offtake partner, Concord Resources Limited, has also agreed to defer concentrate deliveries until after the expected restart of concentrate production.
Senior Management Changes
As part of its transition to operator status and associated business improvement plans, the company has made certain changes to its senior management team including the departure of Matt Gili as president and chief executive officer and as a director of the company.
Evan Spencer will assume the role as interim president and chief executive officer with immediate effect, overseeing the company and its mine operations. Spencer brings substantial experience in the transition of mines from construction phase to production and, in particular, optimizing production ramp-up and operating costs. He has held senior roles with Western Mining Corporation, Placerdome, Barrick Gold, Kagara, Goldfields of South Africa, and Aditya Birla Minerals, and also oversaw the ramp-up and production of the Ban Phuc nickel mine. Evan Spencer is also chairman at Kasbah Resources.
“We would like to thank Matt for his significant contributions in bringing the Pumpkin Hollow Underground Mine into production on time, overseeing the advancement of the Pumpkin Hollow Open Pit project, and the acquisition and expansion of the adjacent Tedeboy exploration properties,” said Nevada Copper’s Chairman, Stephen Gill.
We would also like to welcome Evan to the company. His substantial experience of transitioning projects from ramp-up to commercial production and driving ongoing operating efficiencies will be highly valued as Nevada Copper continues its progress through the next stage of its growth as an emerging US copper producer,” added Gill.
About Nevada Copper
Nevada Copper is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
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