Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Last week the federal government approved Agnico Eagle’s Meliadine gold mine with 127 terms and conditions attached.
“It is evident that the board met its primary objectives … to protect and promote the existing and future well-being of the residents and communities of Nunavut, to protect the eco-systemic integrity of the Nunavut settlement area and to take into account the well-being of residents of Canada outside of the Nunavut settlement area,” Bernard Valcourt, Minister of Aboriginal Affairs and Northern Development, said in a Jan. 27, 2015 letter to the NIRB obtained by Nunatsiaq Online.
In October the he Nunavut Impact Review Board submitted a report to the federal government recommending the mine go ahead.
Agnico Eagle says that the Meliadine gold project is the company’s largest gold project in terms of reserves and resources. The project has 2.8 million ounces of gold in proven and probable reserves* (12.0 million tonnes at 7.4 g/t) and a large mineral resource.
To service an future mine, equipment, fuel and dry goods depend would depend upon a warm-weather sealift by barge to Rankin Inlet via Hudson Bay.
Building the mine would require about 1,000 people. It would then employ 750 once running.
Meliadine Project is located in Canada, 25km WNW of Rankin Inlet. Meliadine Project is considered to be an orogenic gold deposit. Meliadine Project is 100.00% owned by Agnico Eagle Mines.
