Artemis Gold taps Caterpillar for Blackwater fleet

Artemis Gold Inc. has announced a series of agreements with Caterpillar, Cat Financial and Cat dealer Finning (Canada) for its Blackwater gold project in central British Columbia.

Under the supply agreements, Finning has secured equipment pricing for the primary fleet until December 31, 2024, subject to minor index and foreign exchange adjustments. The Cat dealer has further agreed to delivery dates for the primary and ancillary fleet in order to support mine development.

Artemis has also concurrently executed a credit-approved commitment letter for an equipment lease facility with Cat Financial associated with the primary and ancillary mining fleet. The agreement provides for up to $140 million in equipment financing on terms consistent with the assumptions contained within the miner’s 2021 Feasibility Study technical report of the Blackwater project. The equipment lease facility remains subject to customary conditions precedent, including the finalization of the master lease agreement and related documents.

Through the agreement with Caterpillar, Artemis has the option to place orders for Caterpillar’s zero-emissions haul trucks, currently under development, for shipments beginning in 2029. The fleet transition signifies a key milestone of the project and will substantially reduce the carbon footprint of Blackwater’s operations.

“This is consistent with Artemis’ ESG goals to responsibly develop the Blackwater gold project, identify innovative ways to reduce our impact on the environment while providing generational opportunities in the communities in which we operate,” said Steven Dean, Artemis Gold chairman and CEO.

The Blackwater project will be powered by clean electricity through the Artemis’ planned 135-kilometer long, 230-kV electricity transmission line which will connect to the BC Hydro grid.

Source: Artemis Gold

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