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.
KSM Mining, a wholly owned subsidiary of Seabridge Gold (TSX: SEA; NYSE: SA), has closed the sale of a $150 million secured note to Sprott Resource Streaming and Royalty.
The original arrangement was announced on May 11, but the final deal was restructured. The note will be repaid at maturity by a net smelter royalty (NSR) on Seabridge’s 100%-owned KSM project near Stewart, BC.
Seabridge will use the funds to achieve the designation of “substantially started” from the BC government. The designation ensures the continuity of the KSM project’s approved environmental assessment certificate for the life of the project.
Besides securing the EAC, Seabridge chair and CEO Rudi Fronk, said the funding moves the project closer to two other main objectives. The money will support key tasks which support construction and shorten the build period once a decision to develop the project is made. It will also enhance the attractiveness of the KSM project as the company advances its joint venture discussions.
“This new $150 million in financing, coupled with the $225 million we raised from Sprott Streaming and Ontario Teachers’ Pension Plan last year, provide the capital we believe is needed to achieve substantially started status well before July 2026,” Fronk said.
“KSM’s estimated low operating costs mean that the royalty is expected to have a minimal impact on the project’s projected financial returns. Furthermore, this funding does not require share dilution and therefore furthers our long-standing strategy of providing the industry’s best leverage to gold as measured by ounces of gold reserves and resources per share.”
The prefeasibility study prepared in 2020 for KSM said the proven and probable reserves contain 47.3 million oz. of gold, 7.3 billion lb. of copper, and 160 million oz. of silver.
