Highland Copper is set to receive $50m in funding from the Michigan Strategic Fund Board to advance its Copperwood Project in the US.

The funding was awarded from the SSRP and is contingent upon final consent from the appropriations committees of both the Michigan House and Senate.

SSRP, funded through the Strategic Outreach and Attraction Reserve Fund, is designed to bolster economic development by preparing sites to encourage investment within Michigan.

This grant is a testament to the state’s strategic focus on mobility and electrification, with the Copperwood Project poised to become a significant source of US domestic copper, essential for the clean energy sector.

The decision to award the grant followed a comprehensive review of the Copperwood Project by Michigan authorities.

This project’s significance to the development of the Upper Peninsula was a key factor, as highlighted by the company’s presentation to the state.

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Funds are structured as performance-based reimbursements, which will cover eligible expenses related to infrastructure development. This includes investments in roads, communication networks and the provision of power to the project site.

The infrastructure enhancements facilitated by the grant are expected to yield dividends not only for the Copperwood Project but also for the surrounding communities and businesses.

Highland Copper CEO Barry O’Shea said: “This $50m grant is a wonderful endorsement from the State of Michigan and provides a significant financial boost to the economic strength of the Copperwood Project.

“We are thankful to Governor Whitmer and the hard-working team at MEDC [Michigan Economic Development Corporation] for their relentless efforts and support.

“The aligned attention to detail and carefulness from the State of Michigan and its departments will help drive a successful and safe project for Michigan and the Upper Peninsula.”