Highland Copper gains last approvals toward Michigan-backed $50m grant
TSX-V-listed Highland Copper has garnered final approval by the Michigan Strategic Fund for a $50-million performance-based grant to develop the Copperwood project, in Michigan.
The funding is being awarded under the state's Strategic Site Readiness Programme, with the grant consisting of $44.9-million to Highland Copper's subsidiary, Copperwood Resources, for infrastructure expenditures associated with the development of the Copperwood project, and $5-million to the Gogebic County Road Commission to support critical local infrastructure improvements associated with the project.
Notably, the Gogebic County Road Commission also secured a $7-million Transportation Economic Development Fund grant from the Michigan Department of Transportation, also for improvements to County Road 519.
Highland Copper says the Michigan government thoroughly reviewed the copper project following a recommendation by the Michigan Economic Development Corporation, which Highland Copper CEO Barry O'Shea says reflects the importance of the project's development to the Upper Peninsula while meeting the state's rigorous environmental standards.
The funding will be provided through performance-based reimbursements for eligible site-readiness and infrastructure expenditures, including roads, power and communications infrastructure required to advance Copperwood.
These investments are also expected to deliver broader regional benefits through improved transportation, utility infrastructure and cellular and broadband connectivity.
O'Shea affirms that with the grant funding, together with a letter of interest having been received from the US Export-Import Bank, Highland Copper's capacity to finance Copperwood is considerably strengthened.
The Copperwood project is supported by more than 22 formal resolutions from governmental agencies and ten letters of support from local and regional stakeholders, reflecting broad recognition of the long-term economic opportunity associated with the responsible development of Copperwood.
With Copperwood fully permitted and this important state funding now approved, the project is positioned to bring significant investment and economic activity to the Western Upper Peninsula through local employment, procurement, services and infrastructure development.
Copperwood also has the potential to establish a new domestic source of copper and strengthen the US supply chain for a critical mineral essential to energy infrastructure, manufacturing and economic security.
