Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Midas Gold (TSX:MAX) announced on Tuesday the results of an independent feasibility study and technical report completed on its Stibnite gold project in Idaho.
The project, as envisioned in the FS, would become one of the largest and highest-grade open-pit gold mines in the United States and the country’s only primary producer of antimony, a critical and strategic mineral.
The FS verifies a positive local economic benefit to Idaho communities bringing more than $1 billion in initial capital investment and approximately 550 direct jobs during operations.
“Our vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible”
Laurel Sayer, CEO, Midas Gold
Stibnite has a total measured and indicated resource of 132,269M tonnes at 1.42 g/t, based on a gold selling price of $1,250/troy ounce, with expected annual average gold production of 466 thousand ounces at all-in sustaining costs (AISC) of $427/oz during the first four years of operations.
“The positive results demonstrate that our vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible. We are now one step closer to seeing the river and water quality improved, 550 direct jobs for Idahoans and production of the critical mineral, antimony,” said Midas CEO Laurel Sayer in a media statement.
Shares of Midas Gold rose 0.8% by noon EDT Tuesday. The Vancouver-based company has a market capitalization of C$598 million.
