Newcrest Mining has acquired a 70 per stake in and operatorship of the Red Chris gold and copper mine just south of Iskut near Hwy 37.
The joint venture with Imperial Metals, which retains a 30 per cent stake was first announced in March and leverages the expertise of one of the largest gold mining companies in the world.
“We are delighted to have closed the Red Chris transaction and add this operating mine to our existing low cost, long-life portfolio” said Sandeep Biswas, Newcrest’s managing director and CEO.
“We are pleased with the highly constructive and collaborative relationship we are developing with the Tahltan Nation and the Government of British Columbia and look forward to working together as we execute our forward work plan to unlock the significant potential from Red Chris.”
Chad Day, Tahltan Central Government president, was also
“The Tahltan Nation is very pleased with today’s announcement,” he said. “Newcrest and the Tahltan Nation have established an excellent relationship thus far, based on mutual respect. The Tahltan Nation welcomes Newcrest into our territory and looks forward to a lasting, meaningful and fruitful partnership.”
That relationship is solidified with an updated Impact, Benefit and Co-Management Agreement (IBCA), which Newcrest said in a press release gives the Tahltan a “life-of-mine partnership covering royalties, education, training, employment and contracting opportunities, capacity support and provisions for communication, and interaction on social and environmental matters.”
Imperial has reported Red Chris contains a resource of 20 million ounces of gold and 13 billion pounds of copper. In addition to operating the existing open pit mine and expanding operations underground, Newcrest sees promising exploration opportunities in the property that could significantly extend the lifespan of the mine.