12:39 PM EDT, 03/26/2024 (MT Newswires) -- Highland Copper ( HDRSF ) on Tuesday said the Michigan Strategic Fund Board approved a US$50-million grant to support construction of the company's Copperwood project in the state.

The company said the grant comes from the board's Strategic Site Readiness Program because the project is "is strongly aligned with Michigan's focus on mobility and electrification and has the potential to be a key source of U.S. domestic copper to supply the ongoing clean energy transition".

The grant still requires final approval from appropriation committees in the state's House and Senate.

"This $50 million grant is a wonderful endorsement from the State of Michigan and provides a significant financial boost to the economic strength of the Copperwood Project. We are thankful to Governor Whitmer and the hard-working team at MEDC for their relentless efforts and support," chief executive Barry O'Shea said in a release.

Highland released a feasibility study for Copperwood last year, showing the site can support a US$391-million mining project with annual production of 64.6-million pounds of copper and 106,966-ounces of silver over a 10.7-year mine life.

The company's shares were halted prior to its release, last trading up C$0.005 to C$0.09 on the TSX Venture Exchange. Trading will resume at 1:00 p.m. Eastern time.

Price: 0.09, Change: +0.01, Percent Change: +5.88