Pure Gold receives permit for new Red Lake mine
The Vancouver-based concern has announced that it has had its application approved to operate the Red Lake gold mine in compliance with air and noise emission standards. Once at full capacity, the mine will produce over a thousand tons of gold ore each day.
However, this production cannot begin until Pure Gold is granted another permit for its sewage works.
Pure Gold’s president and CEO, Darin Labrenz, commented on the company’s achievement in getting to this stage of the project in an economical and frictionless manner: “I am exceptionally proud of the tremendous groundwork our team has completed to establish the foundation of a long-life mining company in Red Lake.
“Since first acquiring the project, we have worked very closely with the First Nations, local communities and regulators to materially advance the project and to transform a brownfields site into a sustainable modern mine. To date, our work has clearly established a robust, scalable mining operation, while concurrently improving the surrounding environment through the progressive removal and reclamation of legacy works."
Once fully operational, Red Lake mine will generate over $470mn of salaries over the first phase of its life. The company announced in June that the mine would open before the end of 2020. At the time, Mr Labrenz announced: “We are now only months away from first gold pour at our new Pure Gold Mine, and our first step to building a long-life growth company in the heart of Red Lake, one of the world’s most prolific gold-producing camps”.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.