Under the bidding procedures approved by the US Bankruptcy Court, other parties can submit binding offers to purchase the Nevada Copper assets by September 6. However, no other qualified bid was received despite multiple interest parties.
As a result, Nevada Copper’s board of directors last week designated Southwest Critical Minerals as the successful bidder in the sale process. Final approval of the transaction would be heard by the US Bankruptcy Court and the Superior Court of Justice of Ontario later this month, and the transaction would close in October.
Nevada Copper is the owner of the Pumpkin Hollow copper project located in Yerington, Nevada, comprising a high-grade underground mine that it briefly returned to production, and an open-pit project.
Earlier this year, the company said it would require additional funding for the copper mine after it encountered underground water build-up, as well as unexpected…
