Four significant milestones were achieved by Highland Valley Copper during 1992. The operation, located near Logan Lake, B.C., mined a record 96.3 million tonnes during 1992 while copper recoveries were the highest yet at about 89%.
The mine also received the British Columbia Mine Reclamation Award, and for the third consecutive year, landed the John Ash Trophy as the safest large mining operation in British Columbia.
Highland Valley Copper is owned 50% by Cominco (TSE), 33.6% by Rio Algom (TSE), 13.9% by Teck (TSE) and 2.5% by Highmont Mining. (Highmont actually has a 5% interest which nets to 2.5% after taking into account Teck’s 50% interest in the company.)
Mill production last year totaled 44.1 million tonnes (120,394 tonnes per day) at an average grade of 0.451% copper and 0.009% molybdenum. Copper concentrate production for the year totaled 422,340 tonnes at an average grade of 41.9% copper for a payable copper content of 171,000 tonnes (377 million lb.).
As of Jan. 4, proven and probable reserves at Highland Valley are estimated to be 574.3 million tonnes grading 0.414% copper and 0.0068% molybdenum, sufficient for another 14 years of production.
The company did not release profit figures for the operation, although Cominco reports that its share of earnings from the company totaled $58 million.
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