Video: Gold mining faces a cliff after 2025, CRU analyst predicts
Global gold production will peak at about 3,250 tonnes (105 million oz.) next year, according to CRU's Oliver Blagden.
Australian gold miner St Barbara Ltd said on Thursday it was considering placing its Canada-based Touquoy mine into care and maintenance amid a delay in approval to in-pit tailings deposition from Nova Scotia’s environmental minister.
St Barbara was expecting a go-ahead by March 10 from Nova Scotia’s minister for Environment and Climate Change.
The minister has asked for further information on the company’s environmental assessment of the proposal, which would lead to delays that can curtail production at Touquoy early next year.
After the planned closure of the mine in January, the capacity of the existing tailings management facility is likely to be reached in early fiscal 2024, St Barbara had said.
“As a result, the company anticipates placing the operations into care and maintenance at that time,” it said in a statement on Thursday.
In December, the company agreed to buy smaller peer Genesis Minerals Ltd for A$541.3 million ($365.76 million) and said it plans to divest its overseas assets, including its Atlantic operations in Canada and Simberi gold mine in Papua New Guinea.
Atlantic operations made up about 22% of the gold produced by St Barbara in 2022.
($1 = 1.4799 Australian dollars)
(By Savyata Mishra; Editing by Shinjini Ganguli and Krishna Chandra Eluri)
Comments
BOB HALL
Canada’s progressives at work again. Time for them to decide if they want to grow the economy or welfare roles. Delay is a decision!