Canadian Copper (CSE: CCI) has won court approval to acquire the Caribou Complex, clearing the final legal hurdle in a transaction that has spent months moving through receivership.
The company said a judge granted an approved sale and vesting order at a June 29 hearing, which was required for Canadian Copper to receive title to the Caribou process plant and surrounding property.
With approval in hand, Canadian Copper, the court-appointed receiver and the New Brunswick government will now exchange closing documents, while the company works through conditions that include posting an environmental bond and completing a site care and maintenance handover.
Assuming those fall into place, Canadian Copper expects its own team and outside contractors to be on site at Caribou by July 27.
“This is excellent news,” said Chief Executive Officer Simon Quick, who noted the timing lines up with the company’s plan to register its environmental impact assessment permit in the coming days.
The plant is part of Canadian Copper’s broader effort to revive idled infrastructure in the Bathurst Mining Camp, where it holds a copper, zinc and silver portfolio. The asset previously belonged to Trevali Mining New Brunswick Ltd., which fell into receivership.
The acquisition pairs with the company’s Murray Brook project, and a feasibility study covering both is due in December. Current plans call for restarting the existing complex as a means of getting the Murray Brook deposit into production under what has been label a ‘Combined Strategy,’ which aims to produce 30 million pounds of copper equivalent annually over a 13 year life of mine.
Canadian Copper last traded at $0.58 on the CSE.
