Cupric seeks P3.5bn to build new copper mine

Friday, November 06, 2015

Mining company, Khoemacau says it will approach the markets to raise up to $350 million (P3.55 billion) needed to bring its new copper and silver mine at Somelo in the northwest region to production.

The construction of the mine is set to start in late 2016 with the first copper shipment to the markets expected in 2018.

In an interview with BusinessWeek, Cupric Canyon Africa Chief Executive Officer, Sam Rasmussen said the mine will produce 50,000 tonnes of copper and 1.5 million ounces of silver per annum. Cupric Canyon Africa is the parent company to Khoemacau.

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