Highland Restructures White Pine Loan

The company that’s trying to buy the White Pine Mine has bought some more time to close the deal. Highland Copper Company had borrowed 10-million dollars Canadian from Osisko Gold Royalties to help close the deal with the Copper Range Company on the White Pine property. The money was to be paid back with a royalty from the proceeds of the new White Pine operation. However, that closing has been delayed several times, reportedly because of difficulties developing language that would protect Copper Range from future liabilities for environmental problems. With the timetable dragging out, Highland announced today that Osisko will begin collecting repayment by accepting a three percent royalty on all metals produced at Highland’s Copperwood project. Copperwood is closer to production status, and is 100-percent owned by Highland. It’s located about 20 miles west of White Pine. If and when Highland is able to begin mining at White Pine, the three percent royalty will then be split between the two operations.