Highland Copper Company (TSXV: HI) announced the sale of its 34% stake in the White Pine North project to joint venture partner Kinterra, a private equity firm, to focus exclusively on its flagship Copperwood project. Total consideration for the transaction is approximately $30 million, with net cash proceeds of $18.3 million after settling Kinterra’s $11.7 million loan (principal plus accrued interest) at closing. The parties have also agreed to suspend cash calls under their joint operating agreement. This move marks a significant milestone in strengthening Highland Copper’s financial position ahead of the next phase of Copperwood’s development, with proceeds earmarked for activities like detailed engineering and project financing to advance the project to a construction decision.

Post the announcement, Highland Copper’s shares traded flat at C$0.12 per share, giving the Toronto-based copper developer a market capitalization of C$88.6 million ($62.8 million). CEO Barry O’Shea emphasized that the sale delivers immediate non-dilutive funding which achieves multiple key strategic objectives: fully capitalizing Copperwood for a construction decision, eliminating existing debt, and simplifying the company’s corporate structure.

White Pine North is an extension of a historical mine that operated from 1953 to 1995. Highland Copper acquired the pr...000 tonnes per day; the joint venture agreement with Kinterra was signed in the same month.