Kinterra sells White Pine North stake to JV partner Kinterra
Canadian company Highland Copper said on Tuesday that it would sell its 34% interest in the White Pine North project in the US to joint venture partner Kinterra Copper for a total of about $30-million.
The transaction follows its earlier announcement in November and is governed by a membership interest purchase agreement with Kinterra.
The total consideration comprises $18.3-million in cash, net of the outstanding principal and accrued interest on a loan previously advanced by Kinterra to Highland Copper’s wholly owned subsidiary, Upper Peninsula Copper Holdings. The loan balance is expected to amount to about $11.7-million at closing.
As part of the agreement, the parties have also agreed to suspend cash calls under the White Pine joint operating agreement. Highland Copper will not be required to fund cash calls through to closing, with any such amounts to be recorded and allocated between the parties only if the transaction does not proceed.
Highland Copper said proceeds from the sale will be used to fund planned corporate activities and work at its Copperwood project, eliminate existing debt and streamline the company’s overall corporate structure.
The parties are targeting closing of the transaction in January 2026, with an outside date of February 27, 2026. Completion remains subject to customary closing conditions.
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