Highland Copper in the running for US$50-million development grant
A Canadian company with a copper mine project in northern Michigan is in the running for a substantial subsidy from the State of Michigan.
Highland Copper Company announced the Michigan Economic Development Corporation has proposed a US$50-million grant for its Copperwood mine project in the Upper Peninsula. The money would come from the Strategic Site Readiness Program. But it’s not a done deal. Final approval still has to come from the state’s Application Committee in both the Michigan legislature’s house of representatives and senate.
Quebec-based Highland owns the Copperwood deposit situated at the base of the Keweenaw Peninsula on the south shore of Lake Superior and has a 34 per cent stake in the nearby White Pine North copper deposit.
Both projects are in an area where copper mining has been part of the Upper Peninsula’s economic fabric since the 19th century. The company could make a construction decision to start building the $425-million mine this year. In a news release, the company said it presented its project to the board of Michigan Strategic Fund for grant consideration on Jan.30.