Highland Copper Pursues $50 Million Grant for Michigan Mine Transformation

Highland Copper Company Inc. has entered a pivotal phase in the development of its Copperwood Project, as the Michigan Economic Development Corporation (MEDC) recommends a significant $50 million grant through the Strategic Site Readiness Program (SSRP). The project, situated in Michigan, represents a crucial step towards domestic copper production in the United States and aligns with Michigan's focus on electrification and mobility during the ongoing transition to clean energy.

The recommendation for the grant comes after a comprehensive one-year evaluation by the MEDC, highlighting the potential economic and strategic importance of the Copperwood Project. As the next step, the project is set to be presented to the Michigan Strategic Fund (MSF) Board for grant consideration, with the final approval process involving the Michigan Senate and House Appropriations Committees after MSF approval. Highland Copper remains ready to address any additional inquiries related to Copperwood during this approval process, building on positive discussions with the MSF Board.

The financial support for the SSRP program, facilitating this grant, is drawn from the Strategic Outreach and Attraction Reserve Fund (SOAR). The SSRP program aims to develop investment-ready sites, fostering investments within the state, and the Copperwood Project stands out as a promising contributor to this initiative.

The Copperwood Project team has been actively collaborating with the Michigan Department of Environment, Great Lakes, and Energy for over a decade. This sustained effort has resulted in the project achieving full permitted status in early 2023. Transparent and continuous communication with community stakeholders has been a cornerstone of the project's approach, leading to significant local support. Over 20 local towns, cities, villages, and counties, along with numerous businesses and organizations, have submitted resolutions and letters of support, endorsing the Copperwood Project's application for the state grant.

The MSF Board meeting on Tuesday witnessed the support of several elected officials representing their respective government units. Their presence underscores the broader backing the Copperwood Project enjoys at various governance levels, reflecting its potential positive impact.

Upon achieving operational status, the Copperwood Project is poised to bring about a transformative change in the local economy. The project is estimated to create around 380 well-paying jobs, fostering direct, indirect, and induced economic benefits. This influx of economic activity is particularly crucial for a region that has grappled with industry closures over decades. Mining has been a significant economic player in the Upper Peninsula since the 19th century, and the Copperwood Project continues this legacy, contributing significantly to the economic landscape of the region.

As the approval process unfolds, Highland Copper remains committed to advancing the Copperwood Project, ultimately contributing to the state's economic growth and reinforcing its position as a key player in the clean energy transition. The $50 million grant recommendation signifies a strategic investment in the future of domestic copper production and aligns with broader sustainability goals.