The biggest mining project in the history of the Yukon is the key to this Canadian stock’s future.
The site could contain over 4.5 billion pounds of copper, as well as gold, silver and molybdenum, and has an estimated 22-year life. While the mineral deposit is impressive, this stock will need two things to succeed: further financing to complete the project, and continued strong demand for copper in the global economy.
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WESTERN COPPER & GOLD CORP. (symbol WRN on Toronto; www.westerncoppercorp.com) owns the Casino project in the Yukon. It acquired the project in a merger with Lumina Resources Corp. in 2006.
The Casino site is Western Copper’s sole asset. It contains an estimated 4.5 billion pounds of copper, 8.9 million ounces of gold, 65 million ounces of silver, and 483 million pounds of molybdenum.
The company completed a feasibility study on the project in 2013. The proposed operation would centre on an open-pit mine with a 22-year life expectancy. It would be the first large-scale mining operation in the Yukon.
Western Copper believes the mine could achieve annual production of 171 million pounds of copper, 266,000 ounces of gold, 1.4 million ounces of silver and 15.5 million pounds of molybdenum. Initial production over the first four years is estimated at 111,000 tonnes of copper, 399,000 ounces of gold, 1,777,000 ounces of silver and 7,000 tonnes of molybdenum.
The company believes that inferred mineral resources, if verified, could increase the mine life to over 50 years, while the surrounding area remains “significantly unexplored.” In the meantime, it has the support of the federal and territorial governments, including substantial funding for the necessary access roads.
Mining Stocks: Company has sufficient cash to complete the permitting process
Already two years into the permitting process, the company says it should take another two years to complete.
While Western Copper has outlined a huge mineral deposit, the mine would cost $2.5 billion U.S. to build. The company will need major partners to help finance its construction. To attract that investment, it also needs copper prices to continue to rise. Trading at $2.50 US a pound a year ago, it is currently at just over $3.00 US.
The company estimates that copper consumption is growing at an annual rate of 1.8% and that there is a 5 million-tonne deficit in copper based on current global demand.
Meanwhile, Western Copper holds cash of $6.4 million. That includes the $3.34 million it raised in a February 2018 stock issue at $1.15 per share. That should be enough to see it through the permitting process.
TSI Network recommendation: Western Copper & Gold is okay to hold, but only for highly aggressive investors.
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Cypress Anvil located in Faro was a good sized mine in the 70’s. Pat would remember it.
You have a great memory. Thanks.