What happened: The federal government approved New Gold Inc.’s $1.8-billion open-pit gold and silver mine in Central B.C., with conditions.
Why it matters: It is the second, and largest, B.C. mine to be approved by the federal government this year.
The federal government has given the go-ahead to a new $1.8-billion B.C. mine, with conditions.
New Gold Inc.’s Blackwater open-pit gold and silver mine, located 160 kilometres southwest of Prince George, will be required to meet 172 conditions to reduce or eliminate environmental impact.
Over a mine life of 17 years, the mine would produce 60,000 tonnes of gold and silver ore per day.
According to the company’s latest resources summary, Blackwater has 8.2 million ounces of proven and probable gold reserves, and 60.8 million ounces of proven and probably silver reserves.
Approval from the Canadian Environmental Assessment Agency was the final federal hurdle for New Gold. The company, headquartered in Toronto, is still waiting on its B.C. environmental assessment certificate.
That application is currently under review.