Copper producer Nevada Copper announced that it has completed the underground materials handling system of the main shaft at its Pumpkin Hollow project in Yerington, Nevada.
The Pumpkin Hollow copper project is said to have substantial reserves and resources including copper, gold and silver.
The company said that the completion of the materials handling system marks significant progress in the construction of its underground project which consists of sinking the vent shaft as well as the main shaft and construction of the processing plant.
Nevada Copper CEO Mike Ciricillo said: “I am very pleased we have achieved this construction milestone. With the completion of the materials handling system, we can now utilize the full hoisting capacity of the main shaft as we ramp up the mine towards full production.
“The team, both Nevada Copper and contractor employees, worked hard, worked together, and more importantly, worked safely, to achieve this result. I’m proud of the team and proud to be a part of Nevada Copper.”
With the completion of the materials handling system, Nevada Copper anticipates that it would significantly increase the hoisting rates, from 1000tpd to 5000tpd, upon completion of ramp-up and commissioning.
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Additionally, the system is expected to allow the underground mine to deliver higher volumes of ore directly from the mine site to the processing plant.
Last month, Nevada Copper said it will require additional funding over the next four months to complete its ramp-up of operations at the Pumpkin Hollow copper project in the US.
The copper miner said it is already in discussions with its senior lender KfW-IPEX Bank and also received a term sheet from the third party for an additional credit line of $20m-$30m to fund its increased cash requirements.