The ore processing mill at the Red Chris copper and gold mine located south of Iskut and east of Hwy 37. (File photo)

Australian gold mining giant acquires Red Chris mine

Newcrest now owns 70 per cent of the mine south of Iskut and operatorship

Newcrest Mining has acquired a 70 per stake in and operatorship of the Red Chris gold and copper mine just south of Iskut near Hwy 37.

The joint venture with Imperial Metals, which retains a 30 per cent stake was first announced in March and leverages the expertise of one of the largest gold mining companies in the world.

“We are delighted to have closed the Red Chris transaction and add this operating mine to our existing low cost, long-life portfolio” said Sandeep Biswas, Newcrest’s managing director and CEO.

“We are pleased with the highly constructive and collaborative relationship we are developing with the Tahltan Nation and the Government of British Columbia and look forward to working together as we execute our forward work plan to unlock the significant potential from Red Chris.”

Chad Day, Tahltan Central Government president, was also

“The Tahltan Nation is very pleased with today’s announcement,” he said. “Newcrest and the Tahltan Nation have established an excellent relationship thus far, based on mutual respect. The Tahltan Nation welcomes Newcrest into our territory and looks forward to a lasting, meaningful and fruitful partnership.”

That relationship is solidified with an updated Impact, Benefit and Co-Management Agreement (IBCA), which Newcrest said in a press release gives the Tahltan a “life-of-mine partnership covering royalties, education, training, employment and contracting opportunities, capacity support and provisions for communication, and interaction on social and environmental matters.”

Imperial has reported Red Chris contains a resource of 20 million ounces of gold and 13 billion pounds of copper. In addition to operating the existing open pit mine and expanding operations underground, Newcrest sees promising exploration opportunities in the property that could significantly extend the lifespan of the mine.

Just Posted

Village might earn $384,000 in camp deal

The Village of Burns Lake is set to receive hundreds of thousands… Continue reading

Helping the Burns Lake community for 13 years

In its 13 years of existence, the Burns Lake and District Community… Continue reading

TV signals restored, rebroadcast society says

Television reception for Burns Lake and Southside residents with regular TVs was… Continue reading

BC Moose Tracker app aids in management

There are smartphone apps that compile user data on restaurants, bars and… Continue reading

Nations Cannabis building up

Construction continues on the Nations Cannabis production facility, located near Decker Lake,… Continue reading

Shambhala named best music festival in North America

Shambhala Music Festival is held at the Salmo River Ranch in B.C.

B.C. MLA calls on province to restrict vaping as first related illness appears in Canada

Todd Stone, Liberal MLA for Kamloops-South Thompson, introduced an anti-vaping bill in April

Chilliwack woman wins right to medically assisted death after three-year court battle

Julia Lamb has been the lead plaintiff in a legal battle to ease restrictions on Canada’s assisted dying laws

B.C. bus crash survivor petitions feds to fix road where classmates died

UVic student’s petition well over halfway to 5k signature goal

NDP, Liberals promise more spending, while Tories promise spending cuts

Making life more affordable for Canadians a focus in the 2019 election

UPDATE: Police probe third threat against a Kamloops high school in eight days

Police have not released any further details into what the threat includes

Charges dropped against Mountie involved in shooting death of Surrey man

‘I feel like I’ve lost Hudson all over again,’ says mom

B.C. Interior caribou protection area big enough, minister says

Proposals sparked protest in Kootenays, Williams Lake region

Two B.C. women selected to compete on ABC’s The Bachelor

Mykenna Dorn and Alexis Thind will compete for bachelor Peter Weber’s heart

Most Read