Thompson Creek just approved a $350 million cost increase in the mine in northern B.C. to $1.265 billion.
Thompson Creek Metals says it intends to raise $300 million through a debt offering, which it intends to use to fund the under-construction Mount Milligan copper-gold mine.
The increase was due to design improvements, increases in labour costs, and the cost of steel, concrete and other materials, said the company. The cost is also as a result of changes in foreign exchange rates.
The mine, 155 kilometres northwest of Prince George, is under construction now. By the summer, the company expects to have more than 600 workers on the site.
The mine is scheduled to begin production in late 2013.
