In This Issue
Content drop: Highland seeks taxpayer funds for Copperwood mine
Curated content: Menominee Indians craft a dugout canoe the (very) old-fashion way
Coming attractions: Reimund Holzhey, outlaw photographer
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Content drop
Highland pursues state and federal funds for Copperwood mine, despite setbacks
Corporate CEO touted grant in June 24 investor presentation.
Highland Copper Co., Inc. still hopes to receive “state grants in the $25 million to $50 million range” to help fund its proposed Copperwood mine, according to corporate CEO Barry O’Shea.
The mine would be located in the western Upper Peninsula, about two miles upstream from Lake Superior, and just on the southern edge of the Porcupine Mountains Wilderness State Park.
Highland and its supporters have been pursuing a state infrastructure grant since early 2023. The proposal failed to gain legislative approval three times due to opposition from Protect the Porkies and other stakeholders.
The money would help pay for road improvements, power lines and telecommunications assets, but would not directly fund the mine itself. O’Shea mentioned the grant funding as a possibility in a June 24 investor presentation.
In response to a request for comment, Tom Grotewohl of Protect the Porkies said in an email:
“Like a bad zombie movie, they keep coming back. Highland Copper will not be receiving money from Michigan. The people have already made their voices clear, and will do so again with unprecedented force if need be. This is none other than a failing, widely opposed mining company attempting to project the illusion of forward movement to keep the investment coming in.”
Highland estimates a total initial construction cost of $400-425 million for the Copperwood mine. The projected funding mix, according to O’Shea, is:
Federal Debt ($250 Million): The primary source of funding is a projected loan from the U.S. Export-Import Bank (EXIM). The company has already received a non-binding "letter of interest" for this amount.
Additional Debt ($50 Million): The company believes there is capacity for another $50 million in debt, which could be provided by refiners or "off-takers" (companies that agree to buy the copper concentrate before it is even mined).
State Grants ($25 to $50 Million): Highland is pursuing various grant opportunities from the state of Michigan to help reduce the amount of money it needs to borrow or raise through stock.
Balancing Equity (Approximately $100 Million): The remaining portion of the budget would be raised through equity, which involves selling shares of the company to investors.
This slide from Barry O’Shea’s June 24 Investor Summit presentation quotes (on right) UP Congressman Jack Bergman as thanking the Trump administration for naming Highland Copper as as a possible contributor to U.S. mining expansion, recognition that enhances the company’s visibility in the competition for federal resources.
Highland is projecting an 11-year mine life for the Copperwood, but that could be extended, O’Shea said, to 15-20 years if additional deposits are confirmed by future exploratory drilling.
Highland is developing an updated feasibility study for the Copperwood that will describe how the mine would be built and operated, and its projected financial returns. That document, due early in 2027, will give the Highland board of directors the data it needs to make a “go/no-go” construction decision, and will give potential lenders and investors a basis for deciding whether they should fund the project.
AI tools were used to facilitate research for this report.
Curated content
Dugout canoe comes to life on the banks of the Menominee River
Photo courtesy Christine Fossen-Rades.
Here’s a closeup look at a Menominee Indian heritage project that celebrates the ancient craft of canoe building, and the tribe's profound connection to the land and water of the north woods.
This post on The906Report Facebook page got an incredible 18,000 views!
Watch it here: https://www.facebook.com/reel/999408252799854
Coming attractions
Reimund Holzhey was a bad dude, then he picked up a camera
Reimund Holzhey’s mugshot.
Reimund Holzhey was known as “The Black Bart of the Upper Peninsula” — the last stagecoach robber in the wilds of Michigan. He killed a man while attempting a heist, and was convicted of murder.
Holzhey turned his life around in prison, possibly helped along by a cranial operation which, as the story goes, cured his violent impulses and erratic mental state.
When he was released he was a placid man, looking to make a new start. He opened a portrait studio in Marquette, guided tourists, and took scenic photographs Out West.
Watch for his life story on The906Report, coming soon-ish!
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