Benefits Of Operating Mine At The Moonlight-Superior Mining Property

TORONTO – US Copper Corp., reported on the findings of a comprehensive study of the potential economic benefits of building and operating a mine at its Moonlight-Superior Mining property, located in Plumas County, California. The economic benefits of the initial construction phase were first considered then followed by the ongoing economic benefits of operating the mine and processing facilities. The entire project would develop the copper resources within the Moonlight, Superior, and Engles deposits located within the historic Lights Creek District. The Project will include the mine as well as two recovery methods (heap leach and conventional floatation) as well as other supporting infrastructure (e.g., access roads, buildings and facilities, labs, fuel and water storage, power supply and distribution).

Capital investments would primarily occur during the construction phase but would also occur over the 15-year life of the Project. In total, capital investments are anticipated to be $1.3 billion in 2024 dollars. Peak economic benefits from capital expenses would occur during the second year of construction before operations commence. In this year, there would be a total of 1,661 annual jobs and $172.7 million in GRP created, supported from construction and development activities, including mine equipment purchases, process facility construction, infrastructure construction, and general and administrative expenses.

Once the mine and process facilities are operational, mine revenues of $568 million would support 465 direct annual jobs and $207.8 million in GRP annually in mining and processing industries in Plumas County over the first 10 years of operations. There would be an additional 224 secondary jobs and $27.1 million secondary GRP generated, for a total economic benefit of 689 annual jobs and $234.9 million in annual GRP in the first 10 years when the Project is operational. These 689 annual jobs and $234.9 million in annual GRP during the operations period would result in a 7 percent increase in jobs in Plumas County and 21 percent increase in GRP compared to 2023 levels (9,797 jobs and $1,101.6 million in GRP).

The development and operation of the Moonlight Mine Project will result in various tax receipts for federal, state, and local government entities. These include but are not limited to property taxes, sales and uses taxes, and income and payroll taxes. On average, tax revenues to the state of California are estimated to exceed $9.8 million on an annual basis.

In addition to the taxes paid to the state of California, several county and sub-county entities would also assess taxes on the operation of the Project. On average, the operation of the Project is expected to generate $15.3 million per year in additional tax revenue to local jurisdictions. Most of these revenues are associated with property taxes. In 2023, taxes on production and imports were $103.9 million in Plumas County, and annual tax receipts from the Project of $15.3 million represent an increase of 15 percent over 2023 levels.

Stephen Dunn, CEO, said, “The Moonlight-Superior Mining Project would become a cornerstone of economic growth, prosperity, and community development in the Plumas County region for more than two decades, providing career opportunities and family-supporting employment for years to come. It would transform the economy of the region by establishing a stable source of economic activity that would support further development in areas such as power generation, education, home development, the food industry and a myriad of other industries and professions. Mining jobs in the United States are well paid; the average annual salary for the Moonlight Project is estimated to be in excess of $75,000. Incomes like this strengthen the economy of Plumas County and lead to decades of prosperity. By employing new developments in mining utilizing robotics and artificial intelligence, the area could also become a springboard for research into new technologies.

Copper is a key element in a wide range of energy technologies and is designated as a Critical Mineral by the government the United States.

Moonlight would become an integral supplier of copper metal to the U.S. domestic market with average annual production of 60 million pounds of copper and 1.7 billion pounds over the life of mine. For example, that would be enough copper to supply 12 million electric vehicles.

Copper is a critical material for an extensive range of important applications ranging from renewable power generation to electric vehicles. As such, it is vital that the US has a strong and viable domestic source of copper supply.”

“Moonlight Superior will be an important direct contributor and catalyst for government revenues at the local, provincial and national levels, supporting vital programs and services that benefit all Americans. Total government revenues generated by the mine for all three levels of government are forecasted to exceed $45 million annually and $570 million over the life of mine.”