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.
Artemis Gold (TSX-V: ARTG) has received the permit from Fisheries and Oceans Canada for its Blackwater project in central British Columbia, which allows the company to begin in-stream construction work at the site.
The miner, which aims to pour first gold in the second half of 2024, said the Fisheries Act authorization enables it to build water diversion structures and dams in Davidson Creek Valley, which runs through the basin of the Blackwater tailings storage facility.
Located about 446 km northeast of Vancouver, the Blackwater project comprises the construction, operation and closure of an open-pit gold mine and ore processing facilities that will be developed in multiple stages.
Once it starts production, the mine will be one of province’s biggest gold mines, churning out 321,000 ounces annually for the first five years and 339,000 ounces/year thereafter.
Artemis has said that Blackwater is expected to have one of the world’s smallest carbon footprints for an open pit gold mine with a productive life of 22 years.
The company noted the operation would support regional employment over multiple decades with the potential to be extended through further exploration.
