Nevada Copper reported on September 9, it has received the Nevada Air Quality Operating Permit for construction and operation of its Pumpkin Hollow Stage 1 underground project in Nevada, the final permit needed for construction and operation of the project. The company is developing Pumpkin Hollow in two stages, with an open pit planned to follow development of the underground mine (E&MJ, June 2013, p. 14).
With all permits for the underground project in hand, Nevada Copper will receive a further $15 million under its $200-million RK Mine Finance senior secured loan facility and copper concentrate off-take agreements. A further $149 million is scheduled to be received by the second quarter of 2014 on the completion of certain other project milestones, including completion of the 24-ft dia, 2,140-ft deep shaft.
Nevada Copper expects the Pumpkin Hollow underground project to reach commercial production in 2015. Detailed engineering for the 6,500-mt/d mill is ongoing.