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Goldcorp Signs Agreement With Three First Nations For Borden Project

Kitco News

Goldcorp Inc. (TSX: G; NYSE: GG) has signed an impacts and benefits agreement (IBA) with three First Nation communities, including Brunswick House First Nation, Chapleau Cree First Nation and Chapleau Ojibwe First Nation, for the development and operation of the Borden gold project in northern Ontario, the company says. The IBA is a milestone marking the first time these three First Nation communities are involved with a mining project, Goldcorp says. “We recognize the importance of nurturing our partnerships and collaborating with our project neighbors to ensure the sustainability of the local communities surrounding Borden Gold," says Marc Lauzier, mine general manager at Goldcorp's Porcupine Gold Mines, responsible for the development of Borden. The IBA outlines environmental and health protections that combine innovation and the use of modern technology to develop Borden Gold into Canada's first "all-electric" underground mine, eliminating the use of vehicles powered by fossil fuels, Goldcorp says. The agreement also includes provisions for employment, training, business and contracting opportunities. Goldcorp says the Borden project will be starting a bulk sample extraction of up to 30,000 tonnes shortly, with the first sample expected by the end of the summer. Commercial operation of the mine is anticipated to begin in 2019.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Iamgold: Essakane Reserves Rise 39% Based On Heap Leach Prefeasibility Study

Wednesday June 6, 2018 08:11

Iamgold Corp. (TSX: IMG; NYSE: IAG) reports that a prefeasibility study for its Essakane heap leach project in Burkina Faso, West Africa, has led to an increase of 39%, or 1.3 million ounces, to 4.7 million ounces, in probable reserves. Indicated resources increased by 19%, or 0.8 million ounces, to 5.1 million, while inferred resources rose by 54%, or 0.2 million ounces, to 0.6 million. The mine life was extended by another three years compared to a 2016 technical report, with potential for this to increase further, Iamgold says. Based on the study, the company says average annual production would increase by 16% to 480,000 ounces compared to the previous plan, once heap leach is operational. Peak annual production would exceed 500,000 ounces. Life-of-mine cash costs were put at $707 an ounce and all-in sustaining costs at $946. Heap leach initial capital expenditures were listed at $155 million. Steve Letwin, president and chief executive officer, says the Essakane team “has delivered a resource increase far greater than what we expected. While we knew that heap leaching had the potential to unlock additional reserves, we were positively surprised at, and benefited from, intercepting higher grades, which account for more than one-third of the 39% increase.” Letwin later adds:  “Stay tuned for an initial resource estimate for the Gossey prospect in the fourth quarter of this year. With these positive results and the future work we have planned, we are targeting a mine life beyond 2030 and AISC below $900 an ounce.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

B2Gold Opens Solar Power Plant At Otjikoto Mine in Namibia

Wednesday June 6, 2018 08:11

B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) has opened a solar power plant at its Otjikoto Mine in Namibia. The company had a special event to celebrate the opening on May 29. B2Gold says the Otjikoto solar plant is one of the first fully autonomous hybrid plants in the world and will allow the company to significantly reduce fuel consumption and greenhouse gas emissions from the site’s current 24-megawatt heavy fuel oil power plant.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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