September 23, 2008 / 8:44 PM / 11 years ago

UPDATE 1-Nord Resources to begin production in Arizona in Q1 '09

(Recasts; adds details)

Sept 23 (Reuters) - Nord Resources Corp NRD.TO said on Tuesday it is on track to start mining new copper ore at its primary asset, Johnson Camp Mine in Arizona, in the first quarter of 2009.

The company said it has access to sufficient funds to meet the estimated capital requirements for the reactivation of the Johnson Camp Mine.

Last month, the company said the Arizona Department of Environmental Quality issued the air quality permit required to proceed with construction at the mine.

“With the start-up of mining of new ore in the first quarter of 2009, we are on track to ramp up to the currently planned full production rate of 25 million pounds per year by spring 2009,” the company’s Chief Executive John Perry said.

Shares of the company closed up 9 Canadian cents at 40 Canadian cents Tuesday on the Toronto Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Deepak Kannan)

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