Campbell Resources announces closing of Copper Rand mine
September 10, 2008 Filed Under: Copper Mining
Campbell Resources Inc. announced that it will be discontinuing mining operations at its Copper Rand mine by December 31, 2008. Campbell has 100% ownership of the Copper Rand mine, an underground copper and gold mine located near the town of Chibougamau, Quebec.
“For the past three years, Campbell has devoted a great deal of effort, expertise and financial resources into trying to make Copper Rand a profitable operation,” said Andre Fortier, Campbell’s President and CEO. “Despite the considerable improvements achieved, the operation has continued to accumulate operating deficits quarter after quarter. As a result, we have determined that the operation cannot meet the production levels required to ensure its economic viability.”
Effective immediately, all development work and diamond drilling activities will cease at the Copper Rand mine. Mining activities will be concentrated in two areas that are already developed, one of which is of higher ore grade. Overall, manpower resources will immediately be reduced by forty-five (45) from a total of 169 employees currently working at the Copper Rand Mine and Mill and further reductions will occur as working areas are closed. By the end of the year, manpower at Campbell will total approximately 50 employees.
“The decision to close the Copper Rand mine is an extremely difficult one, but we are convinced that this is the only reasonable course of action at this time,” Mr. Fortier said. “We will now be dedicating our resources to the ongoing development of the higher-grade Corner Bay project and operations at the Copper Rand mill and to pursuing other opportunities in the Chibougamau camp. Until now, this has basically been ignored as we focused on the Copper Rand mine. Chibougamau is a very desirable mining camp with many opportunities available.”
Campbell Resources Inc. concentrates on the development and exploitation of copper and gold mining properties in the Chibougamau region of Quebec. The geographical grouping of its operations allows Campbell to realize economies of scale and to focus development within access to existing infrastructures. Campbell’s main operations include the Corner Bay property and the Copper Rand mill. Campbell’s headquarters are located in Montreal, Quebec.