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Gunnison Copper and Nuton, a Rio Tinto Venture, to Receive US$13.9 Million in Tax Credits to Expand Made in America Copper Production at Johnson Camp
Phoenix, Arizona--(Newsfile Corp. - January 16, 2025) - Gunnison Copper Corp. (TSX: GCU) (OTCQB:...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Gunnison Copper and Nuton, a Rio Tinto Venture, to Receive US$13.9 Million in Tax Credits to Expand Made in America Copper Production at Johnson CampPhoenix, Arizona--(Newsfile Corp. - January 16, 2025) - Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS) (\"Gunnison\") and Rio Tinto venture Nuton LLC have been selected to receive US$13.9 million in tax credits (the \"48C tax credit\") under the Qualifying Advanced Energy Project Credit Program (the \"48C program\") to expand production of Made in America copper, which is designated a Critical Material for Energy, from its Johnson Camp Mine in Southern Arizona. The competitive process for funding was managed by the U.S. Department of Energy as advisor to the Internal Revenue Service (\"IRS\"), which selected recipients based on an extensive review of each project. \"We are honored to receive this significant support from the Department of Energy and the IRS,\" said Stephen Twyerould, CEO of Gunnison Copper. \"This tax credit will allow us to produce significant quantities of copper metal domestically in the United States to directly supply American production in a variety of critical industries such as energy and defense.\"Gunnison1 is expanding the Johnson Camp Mine, which is under construction, with first copper production expected in mid-2025. The asset is fully funded by Nuton LLC, a Rio Tinto venture, with a production capacity of up to 25 million pounds of finished copper cathode annually.\"The goal of 48C is to support projects that achieve a cleaner and more sustainable energy future. At Nuton, our ambition is to redefine how copper is produced by applying nature-based technologies that achieve more positive social, economic and environmental outcomes,\" said Adam Burley, CEO of Nuton. \"Our first industrial-scale deployment of the Nuton technology at Johnson Camp is a major step on the journey to achieving that ambition.\" \"I am very pleased with the government support for this project,\" said Fred DuVal, Chairman of Gunnison Copper. \"We remain committed to providing good jobs, paying prevailing wages, for Cochise County residents and to developing our partnership with Cochise College to implement an apprenticeship program for labor on behalf of Gunnison.\"The 48C tax credit is part of the US$10 billion in funding under the Inflation Reduction Act of 2022 (\"I...