Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Osisko Development (TSXV: ODV; NYSE: ODV) has entered into a credit agreement with National Bank of Canada for a C$67.8 million ($50 million) delayed draw term loan. The funds are to be used exclusively for ongoing detailed engineering and pre-construction activities at the 100%-owned Cariboo underground gold project in central British Columbia.
The work includes driving a development drift from the existing Cow portal into the Lowhee zone, from which a bulk sample of 10,000 tonnes will be taken.
“We are very pleased to secure funding that will enable us to commence the development of a 1.2 km underground drift at Cariboo and advance important design and engineering work ahead of the anticipated receipt of permits in Q2 2024,” said Osisko Development chair and CEO Sean Roosen.
“Completing this work is a significant step in further de-risking the project ahead of a construction decision by accessing the orebody and demonstrating the performance of the roadheader and ore sorter technologies, while we continue to progress toward sourcing a fully-funded solution for the project,” he added.
“Importantly, this facility is non-dilutive with no early repayment penalties and provides us with financial flexibility to refinance the facility prior to maturity.”
The Cariboo feasibility study was produced in 2023. It foresees underground mining for 12 years, during which time about 1.8 million oz. of gold will be produced. The project was given an after-tax net present value with a 5% discount of C$502 million and an internal rates of return of 20.7% at a gold price of $1,700 per ounce.
Osisko received environmental approval for Cariboo last year, and it anticipates receiving others by the middle of this year.
Measured and indicated resources at Cariboo are 27.1 million tonnes grading 4.0 g/t gold for almost 3.5 million oz. of contained gold. There is also an inferred resource of 14.4 million tonnes at 3.5 g/t gold for 1.6 million contained ounces.
