Based in Tucson, Nord commenced cathode producti
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Based in Tucson, Nord commenced cathode production from residual leaching operations at the Johnson Camp Mine in January 2008 and from new ore in January 2009. In July 2010, the Company temporarily suspended the mining and crushing of ore. As a result, the Company realized an immediate reduction of costs and an increase in operating cash flow from the production of copper achieved through continued leaching of ore. The company expects full operations will resume once a new leach pad is constructed pending completion of financing. Our current reactivation plan includes achieving the designed copper production rate of 25 million pounds per year of copper cathode within a year after securing financing.
Nord Resources Announces Replacement Copper Sales Agreement
TUCSON, AZ, January 4, 2013 – Nord Resources Corporation (OTC Pink Market: NRDS), which is producing copper at its Johnson Camp Mine in Arizona, today
announced that it entered into a new copper cathode sales agreement with Red Kite Master Fund Limited for 100% of the production from the Johnson Camp Mine, given
the expiry of the long term copper cathode sales agreement between the parties that was in place from February 1, 2008 through December 31, 2012.
The agreement runs through March 31, 2013 with renewable extensions by mutual agreement of both parties. Pursuant to the agreement, Red Kite accepts delivery of the
cathodes at the Johnson Camp Mine, and pricing is based on the COMEX price for high–grade copper on the date of sale.
In July 2010, Nord suspended mining new ore at the Johnson Camp Mine as it sought financing to permit the company to restructure its debt and provide additional capital for
constructing a new leaching pad. It continues to leach copper from the material previously placed on the existing three pads on its property, processing it through the
Johnson Camp Mine’s SX-EW plant. As expected, the level of copper production and sales continue to decline at a steady rate.
About Nord Resources
Nord Resources Corporation is producing copper at the Johnson Camp Mine, the company’s primary asset, which is located in Dragoon, Arizona, approximately 65 miles
east of Tucson. For further information, please visit our website at nordresources.com.