Phoenix Copper subsidiary files Idaho plan of operations

North America-focussed base and precious metals explorer and producer Phoenix Copper announced on Thursday that its Idaho-registered operating subsidiary Konnex Resources has filed a plan of operations with the Bureau of Land Management.

The AIM-traded firm said the submission was for review and approval leading to the construction and operation of the Empire Mine Open Pit in the state’s Custer County.

It described the plan of operations as a “key step” in moving the Empire Mine towards production.

No significant environmental issues were identified on the Empire property, the board said, with Phoenix expecting a “straightforward” permitting process.

The company added that it was carrying out an “extensive” programme of work over the summer at Empire, with electromagnetic surveys and drilling taking place across all properties.

“We are pleased to file the plan of operations with the Bureau of Land Management as an integral step in moving the Empire Mine forward towards production,” said chief executive officer Ryan McDermott.

“The filing of this plan marks a significant milestone in the history of the company and Empire, and utilises the results of environmental and engineering planning studies that we began in 2017.

“During the course of the studies, no significant environmental issues were recognised on the Empire property and, as such, we anticipate a straightforward permitting process.”

McDermott said the Empire mine would require a substantial workforce and provide “numerous, well-paid employment opportunities” for Custer County, as well as generating business opportunities in the construction, material supply, retail, and transportation sectors throughout Idaho.

“Empire will also generate new tax revenue for the state and county through mine license tax, employment tax and property tax.

“As a primary copper deposit, production from the Empire Mine should be timely as the new administration in Washington D.C. is actively encouraging the clean energy revolution which will include the development of metals essential for electrification projects.

“Our Empire copper resources fit neatly into that category.”

At 1433 BST, shares in Phoenix Copper were down 0.43% at 45.8p.