Galore Creek Mine Gets Permit
By 250 News
The Galore Creek Mine project has been issued a Mines Act permit. This opens the door to the first new metal mine in B.C. in over a decade.
The Nova Gold - Teck Cominco project is located about 150 km northwest of Stewart and has the largest, highest grade copper-gold deposit in North America. The permit allows the company to construct a 4.5 kilometre tunnel to access the Galore Valley and make preparations for the three year construction period of the mine.
At current commodityu prices for precious metals, there are expectations the mine's $2 billion dollar construction cost will be paid back in the first four years of operation.
The project will create nearly one thousand construction jobs, and once fully operational, it will provide another 500 jobs.
The Galore Creek mine has been designed as an open pit operation that has a life span of approximately 22 years. It is expected to produce 450 thousand tonnes of copper and precious metals concentrate per year.
The project received its provincial Environmental Assessment certificate in February of this year. Three new mines opened in B.C. last year, helping to boost the mining industry in B.C. to an $8 billion dollar industry. That growth is expected to continue as investment in mineral exploration hit a record high $265 million last year with 600 exploration projects underway in 2006.
The new GeoScience BC project which is currently mapping potential mineral deposits in the Mackenzie to Williams Lake corridor is also expected to enhance the increased interest in mining in the province.
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Time will tell if the metals market can sustain a mine like this.
A drop in prices across the board could put it on the back burner.
My fingers and toes are crossed!!!
I would very much like to see this happen, as well as other potential mines in the area.