Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
In the latest update on the progress of its Blackwater project in central British Columbia, Artemis Gold (TSXV: ARTG) said on Tuesday that it is expected to finally obtain the BC Mines Act permits for major construction works during the first quarter of 2023. The permits were initially expected in fall 2022.
Despite the revised receipt date of the BC Mines Act permits, Artemis said this delay is not expected to affect its planned start of major construction activities at Blackwater later in Q1 2023.
Site works that are currently underway include logging, clearing and grubbing of the plant site area; installation of physical environmental controls; and advancement of the construction camp accommodations. Site levelling, pad preparation and bulk earthworks for the construction camp were completed as planned in Q4 2022.
The company is also advancing required upgrades to the site, which include running buried and surface pipelines from selected water wells, and upgrades to its sewage infrastructure to accommodate planned head count capacity at site for major works construction activities.
“While we are disappointed that we did not receive the BC Mines Act permits as planned in fall 2022, they are well advanced and are expected to be finalized in the coming weeks,” CEO Steven Dean said in a news release.
“The Blackwater construction team has made significant progress in Q4 2022, with Blackwater on-site activities progressing on schedule. The construction camp and process plant area preparation and bulk earthworks are on track to be completed prior to the start of major works,” Dean added.
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.
Over an estimated 22-year mine life, Blackwater is expected to produce an average of 339,000 oz. of gold per year.
Comments
BOB HALL
Canada – good place to do business. IF you can handle the BS that goes with government dealings. Get by that ok and you pay your taxes you will be all right until you need a new permit for expansion or closure. It is just time; but time is money after you set the budget. am not saying government is bad. I am saying the people responsible need to focus a bit more on the task at hand.