Canadian Prime Minister Mark Carney and the Premier of British Columbia David Eby signed a new Canada-British Columbia Cooperative Prosperity Agreement, which will further accelerate the construction of major energy and trade corridors throughout the province, including the Red Chris gold-copper mine expansion.
The government said it would invest C$500 million to expand the mine, which will increase Canada’s annual copper production by more than 15%, support critical minerals demand for clean energy and manufacturing, and reduce greenhouse gas emissions by over 70% once operational.
“Newmont welcomes the Government of Canada’s announcement of a C$500 million contribution to support the Red Chris Block Cave project. As we advance through our approval process toward a final investment decision, this commitment strengthens the business case for the development of a world-class copper-gold operation,” said Newmont.
“Newmont is currently completing a Definitive Feasibility Study for the project. The Red Chris Block Cave is expected to create more than 1,800 jobs during construction, sustain a total approximate workforce of 1,500 peak-season operational roles, and increase Canada’s copper production by an estimated 15%.”
The project is expected to extend the life of the current mine by 14 years.
Newmont has a 70% interest in, and operates, the Red Chris mine and surrounding tenements in a joint venture with Imperial Metals (30%).
Sources: Prime Minister of Canada and Newmont