Yellowhead stops work on Harper Creek project

Mining company deferring work on its proposed Harper Creek mine southwest of Vavenby

Map shows the layout of Yellowhead Mining’s proposed Harper Creek open pit copper mine southwest of Vavenby. The company announced Thursday that it would defer seeking environmental approval until commodity and capital markets improve.

Yellowhead Mining Inc. announced a week ago Thursday  that it is deferring work on its proposed Harper Creek mine southwest of Vavenby.

The company recently completed a rights offering that raised about $1.1 million.

According to Yellowhead, the proceeds of the rights offering will be used for general corporate and working capital purposes as well as to repay a loan from Matco Capital Ltd.

However, the net proceeds are not sufficient for the company to complete the environmental assessment for the Harper Creek project.

In light of current conditions in the commodity markets and the international capital markets, Yellowhead’s board of directors has concluded that it is in the best interest of all shareholders to defer any additional expenditures on the Harper Creek project until such time as more favorable commodity and capital markets present themselves.

The rights offering began on Sept. 2 and closed on Sept. 29. Under the offering, those holding Yellowhead shares were allowed to buy an additional share at a price of $0.045 for every four shares already held.

A total of 14 million common shares were issued under the basic subscription privilege and a total of 10 million common shares were issued under the additional subscription privilege, resulting in the total number of issued and outstanding common shares of the company currently being 124 million common shares.

Harper Creek is a proposed 70,000 tonnes-per-day open pit copper mine with a 28-year mine life, located about 10 km from Vavenby. According to the company, Harper Creek would provide up to 600 jobs during construction and up to 450 permanent jobs during operations if developed.


Just Posted

B.C. Interior free from measles

Vancouver measles outbreak hasn’t spread to the B.C. Interior

Skijoring gets your “giddyup” going in Clearwater

By Dawn McCormick The second annual Skijoring event took place at the… Continue reading

Veteran Welcome Program instigated by Legion

Members of the Barriere Legion Branch 242 recently announced that the Legion… Continue reading

Check out the banned books at the Barriere Library

Barriere Head Librarian, Pam Rudd, tells that this year is the 35th… Continue reading

Meet Alice at the upcoming Mad Hatter Tea Party

On Mar. 9, 2019, a certain young lady named Alice will be… Continue reading

Fashion Fridays: Must-have wardrobe basics

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Guards protest firing of fellow officers charged with assault at B.C. prison

Corrections officers demonstrated in Maple Ridge on Friday afternoon

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

Skier dies at Revelstoke Mountain Resort

Cause of death for young man has not been released

R. Kelly charged with 10 counts of sexual abuse

R&B star has been accused of sexual misconduct involving women and underage girls for years

More sailings coming to 10 BC Ferries’ routes

Transportation Minister Claire Trevena said the sailings were originally cut in 2014

Cryptocurrency exchange CEO who suddenly died leaves Kelowna house in will

Gerald Cotten, holding the keys to money tied up in his virtual currency exchange, died in December.

Australian woman killed in avalanche at Whistler

The woman and her partner were reportedly rescued by ski patrol, but she did not survive

Trudeau tells Canadians to listen to clerk in SNC-Lavalin matter

Privy Council clerk Michael Wernick delivered a blunt assessment at the House of Commons justice

Most Read