Yukon Approves Newmont’s (NYSE:NEM) Open-pit Project, Coffee Gold

Source: Newmont

The Government of Yukon and the Government of Canada have approved in partnership with Yukon First Nations, the Coffee Gold project. The Yukon government completed a consultation with the Selkirk First Nation, Tr’ondëkHwëch’in Government, White River First Nation and Na-ChoNyäk Dun First Nation to make the decision. The Yukon government looks forward to further engagement and consultation with First Nation governments in considering regulations related to the project. 

Yukon Premier Sandy Silver said “”The Coffee Gold project will provide significant employment opportunities for many Yukoners and contribute to the territory’s growing economy. Through our ongoing engagement with Yukon First Nations and our collaboration with the Government of Canada, we look forward to supporting the next stages in the development of the Coffee Gold project.”

The Coffee Gold project is an open-pit, heap leach development project consisting of four gold mines in west-central Yukon proposed by Newmont Corporation. The Latte, Double Double, Supremo and Kona mines are located 130 km south of Dawson City; plus a permanent waste rock storage facility.

In a stock transaction in 2016, Goldcorp acquired Kaminak Gold and its Coffee Gold project for approximately C$520 million when it was in the exploration stage. Goldcorp was subsequently acquired by Newmont (NYSE:NEM).

The project, with an operating life of ten years, will be constructed over a 30-month period, providing approximately 700 jobs during peak construction. 

Canada’s mining industry is pressing ahead with a run of new projects and reopenings for existing mines. As the country lifts restrictions and returns to full operations for most companies, the mining industry is looking to return to normal drilling operations and output for producers.

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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