Xstrata Copper announces investment of C$121 million to deepen and extend the life of the underground Kidd Mine located in the Timmins area of Northern Ontario, Canada.

Already the world's deepest copper and zinc mine, the latest project will extend the mining zone at Mine D from 9,100 feet to 9,500 feet, improving the production profile from the mine through the addition of 3.4 million tonnes of ore to the mining plan and extending the mine life by one year to 2017.

Xstrata Copper Canada Chief Operating Officer Claude Ferron said of the investment:

"The investment approval reflects Xstrata Copper's commitment to the sustainability of Kidd Mine and the Timmins community and its business strategy to continually implement improvements to enhance the value of its operations. Our ability to mine safely and efficiently at the current 8,800 level, the commitment of our employees and support of the community were fundamental factors in obtaining the necessary approvals."

"We continue to study the potential to add more reserves at the mine and to further extend its operational life" said Ferron.

Construction is already underway and scheduled for completion by mid 2010, providing approximately 75 additional full-time jobs for the duration of the project.

In 2007, approval was given to extend the mining zone to 9,100 feet and in June 2008 to 9,500 feet for a combined additional investment of C$148 million. – MarketWatch