The new owner of the copper and gold mine on the Baie Verte Peninsula arrived in the area this week to inspect his purchase. The Supreme Court of Newfoundland and Labrador approved the sale of the property to Australian junior mining company Auteco, after former owner Rambler Metals and Mining entered bankruptcy protection last spring.
“We’re really focused on Canada,” said CEO Darren Cooke. “We’ve been looking around Canada for different assets that we believe have a huge potential to grow and obviously we came across the opportunity at Baie Verte and really liked what we saw in terms of the potential to to have a a major copper project in such a great jurisdiction like Newfoundland.”
Cooke believes the property has much more potential than Rambler had exploited. With the global move toward green energy, he said the market for copper will only expand.
“What we’re going to be doing is doing underground development,” he said. “What we want to do is not necessarily start mining straight away, but build up the the future copper resource and really prove that we’ve got something. And then recommence mining once we’ve demonstrated that we’ve got a large scale operation.”
For the rest of this article: https://www.cbc.ca/news/canada/newfoundland-labrador/baie-verte-mine-rambler-auteco-copper-1.6966399