NEWS ROUNDUP — Similco mine shutdown

The recent drop in copper prices and uncertainty over future prices have prompted Princeton Mining (TSE) to close the Similco open-pit copper mine near Princeton, B.C.

The shutdown will take effect Sept. 10. Pink slips have been issued, but they could be rescinded if the copper price increases or if mine site costs are reduced during the next 90 days, the company said.

Princeton intends to continue exploration aimed at locating low-cost deposits and this could help improve mine site economics over the long term. The closure will not affect operations of Teranov Mining, another wholly owned subsidiary of Princeton, or its copper exploration projects in Chile.