Construction of the proposed Copperwood Mine near Wakefield could begin within a year.
Highland Copper Company announced recently that all pre-development work has been completed, and all state permits are in place.
Financing needs to be finalized. Highland estimates construction costs at $425 million.
If construction can begin in the first quarter of 2024, the mine could begin producing ore by summer of 2026.
The company says its most recent studies show more copper in the deposit than first anticipated, with a projected yield of 662 million pounds over a 10-year span.
Highland is also pushing forward with plans to open its White Pine operation, which will utilize the portion of the Nonesuch Lode not used by the previous White Pine Mine. That project trails Copperwood in development and permitting. Officials estimate it contains 3.2 billion pounds of copper, along with some silver, and could operate for 25 years.