The wellfield optimization program has expanded to include more production wells. Additional time will be required to bring the entire wellfield into production. First copper cathode sales are anticipated for January 2021.
Stephen Twyerould, President & CEO, said, “I am happy to confirm that Excelsior Mining is the newest copper producer in the United States. I congratulate our entire team on successfully achieving this milestone while maintaining our excellent safety record and upholding our commitment to responsible mining. 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.”
Excelsior owns the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly 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.