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.
Thompson Creek just approved a $350 million cost increase in the mine in northern B.C. to $1.265 billion.
The increase was due to design improvements, increases in labor 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.
MINING ASSOCIATION FUNDS FIRST NATIONS LANGUAGES
The Mining Association of B.C. will contribute a total of $125,000 over the next three years to assist the First People's Cultural Foundation with the documentation and renewal of endangered First Nations languages in BC.
"Language is a cornerstone of culture and identity. By investing in language and culture, we invest in stronger and prouder communities," said Pierre Gratton, president and CEO of the mining association.
The First People's Cultural Foundation says it will be able to leverage the mining association funding to secure other funding from government partners. "Language is the heart of our culture. It is how our elders can teach our young people about the land and our traditional ways," says First Peoples' Board Chair Pauline Terbasket.
