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Mount Milligan Receives Provincial Environmental Approval

By 250 News

Wednesday, March 18, 2009 01:11 PM

Victoria, B.C. The Mount Milligan mine project has reached a major milestone. Today,  Terrane Metals Corp. has received an environmental assessment (EA) certificate for the  copper-gold mine project.

The proposed project, an open-pit copper-gold mine with a capacity to process 60,000 tonnes of ore per day, will be located 90 kilometres north of Fort St. James and 90 kilometres west of Mackenzie. The ore concentrate will be transported by rail to either Vancouver or Prince Rupert for shipping to overseas smelters.

Terrane’s Vice President Corporate relations and Sustainability, Glen Wonders, says the approval is an important  step forward “We still have to satisfy the Federal regulations with the Canadian Environmental assessment and it’s difficult to say, but that could be another 4-6 months down the road.” 

 While Wonders says the mine development project is on schedule, the timing was revamped following the economic meltdown last fall “Even with the metal prices of today, this project is financially robust, what we need to do is secure the  funds for the construction of the mine.” He says that will likely happen when the debt and equity markets settle down.  Capital costs are estimated at $917 million.

The EAO Assessment Report concluded the project is not likely to have significant adverse effects, based on the mitigation measures and commitments included as conditions of the EA certificate.

 The provincial EA certificate contains 97 commitments the proponent must implement throughout various stages of the project. Key commitments address the following:

  • Potentially acid-generating materials will be stored under water in the tailings storage facility or open pit to prevent acid rock drainage and metal leaching.
  • Monitoring of water management, tailings storage and other facilities to ensure there is no discharge of surface water from the mine site to adjacent streams during operations.
  • Implementing water and waste management plans to ensure protection of fisheries values and implementing a wildlife management plan to minimize effects on wildlife.
  • Establishing an environmental management system consistent with the ISO 14001 standard.

First Nations were consulted on the assessment and the Province is satisfied the Crown's duties to consult and accommodate First Nations interests have been discharged.

The construction of the mine will take about 2 and a half years and Wonders says at the peak of construction there will be some 700 people working on the development of the mine.

 Once up and running the mine will employ about 400 people over the 15.3 year life span of the mine.

 

 

 

 


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Comments

Good news but WHEN...Soon I hope.
It's a coming. Nothing happened on there stock value as of this afternoon. Still sitting at 19 cents. Should spike in the next few days. Goes up and comes down in a month or two.
Yay! Finally a bit of positive news! Nice and close to town.....perhaps a couple of new truck driving jobs....now I am getting optimistic!
I agree He speaks!
There should be a nice little pop but it will be temporary.
There has been some good volume lately and that's a positive sign.
This is great news and a long time in coming!
This mine spells jobs, even if they are still a ways off!
Also noticed a very nice jump for Goldcorp today as well!
Positive news definitly!! Not out of the woods yet though because its still a junior, when it becomes a producer break out the champaigne. And yes we might see the stock move out of the 20 cent resistance now.


https://a100.gov.bc.ca/pub/epic/apps_data/p285/1237404385323_286469e2062a9eff93eeb05dbbaf5feb44436a0a2dce54b6eef3ef5cdccfb280.pdf
I forgot to mention that copper is starting to move up again as well which looks good for this project.
Not that I'm an expert, but what we're seeing in the stock market is a sucker's rally. And its a no-brainer seeing gold and oil continue their rally. Did you see or hear what happened in the US this afternoon?

Fed Chairman Bernanke announced that the Fed will start buying Treasuries so that the rates don't rise. This will devalue the US dollar. There's a consequence of a weaker dollar, ie: a higher oil price, and a flight of capital into precious metals, ie: gold. To the forum poster who noticed a jump in gold this afternoon, there's your sign. And look at crude oil futures, still going up, in spite of the news the past two days that OPEC isn't cutting production and reserves are larger than originally thought. On the surface it looks like the price is going up, its not, it's just that the dollar isn't as valuable. The only fly in the ointment will be if the Euro is devalued. Then I don't know what will happen :-)

So what do I think will happen with this project? Not much. I'm impressed that they've cleared this hurdle though. It's a step that will allow some corks to pop in the head office.

But there's no appetite yet, from the banks and assorted lenders out there, to attach much value to these mining companies efforts, be they exploration or production.

But I'm going to definitely watch this stock, I like these little mining companies. They're cowboys, they can move fast when they have to, and aren't bogged down by lots of overhead. A few years down the road, if they're still in business, and the economy has turned around, I think mining could become B.C.'s major income producer. I know forestry is a sunset industry, not the potential there anymore.
The ore concentrate will be transported by rail to either Vancouver or Prince Rupert for shipping to overseas smelters.

Once again, our resources are being shipped out of the country for processing while our smelters are being closed down. Isn't it about time we considered adding a little more value to the ore. We do the same thing with our wood. Go figure.

I know, someone who knows it all, will say, they can do it cheaper in China or Korea.
OK, I'll say it. They can do it cheaper in China or Korea.
ok ...I'll say too rvuser...they can do it cheaper in China or Korea.
;-)
Last time I looked the share price had popped up to 25.5 from 19.
No big deal,but at least people are paying attention to it again.
That's a good thing.