A new copper mine will begin production in Manitoba
On August 14, VMS Ventures in partnership with Hudbay Minerals broke ground on a new copper mine in Manitoba.
Hudbay Minerals held the groundbreaking ceremony at its Reed Lake property in Flin Flon, Manitoba, signalling the company's commitment to the new copper mine.
Dave Chomiak, the minister of innovation, energy and mines; David Garofalo, president and CEO of Hudbay; and Rick Mark, CEO of VMS Ventures, were all in attendance at the ceremony.
“We are delighted to be a part of today’s Reed Copper Mine opening ceremony,” said Mark. "Reed has advanced towards production very quickly. We made the discovery in 2007 and signed a joint venture with Hudbay on July 5, 2010. Hudbay is on schedule and on budget, and VMS is pleased to be working with such an experienced partner.”
Mining at the Reed copper project is expected to begin by Q4 2013 and is anticipated to ramp up to full production of approximately 1,300 tonnes per day by Q1 2014.
Reed copper deposit
• The Reed copper deposit near Snow Lake, Manitoba, is currently being developed and production is expected to commence in 2013.
• VMS Ventures is the discoverer and 30 per cent owner of the Reed copper deposit.
• VMS Ventures is financed to production for its 30 per cent ownership through a joint venture with Hudbay.
• VMS Ventures has an option agreement with Hudbay on properties surrounding the Reed copper deposit and will earn 30 per cent of any discovery on them.
