The ore processing mill at the Red Chris copper and gold mine located south of Iskut and east of Hwy 37. (File photo)

Australian gold mining giant acquires Red Chris mine

Newcrest now owns 70 per cent of the mine south of Iskut and operatorship

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.

Just Posted

William Griffin arrested in Houston homicide

RCMP have now arrested William Griffin, the man wanted in connection to… Continue reading

Police look for suspect in Nov. 10 homicide

Victim identified as Elijah Dumont

B.C. First Nation Chief Ed John faces historic sex charges

John served as minister for children and families under then-premier Ujjah Dosanjh

Still no sign of missing Houston woman

Laureen Fabian last seen Oct. 28

Cullen gets $89,000 in post-MP severance

At 55, the former MP will also be eligible for an $82,000 per annum pension

Cold, stormy winter forecast across much of Canada, The Weather Network predicts

In British Columbia temperatures will be slightly above normal and precipitation will be just below normal

Trans Mountain received $320M in government subsidies in first half 2019: report

The money included $135.8 million in direct subsidies and $183.8 million in indirect subsidies

Ottawa urges CN and union to continue talks as 3,200 workers go on strike

The rail workers began their strike after failing to reach a deal by a midnight deadline

UPDATED: Vancouver Island’s Joe gets suspended sentence in Teddy the dog cruelty case

Melissa Tooshley expected in court on Thursday in same case

Nineteen boats carrying invasive mussels stopped at B.C. borders

Waters of Columbia-Shuswap still test mussel-free

Woman ‘horrified’ after being told to trek 200 kilometres home from Kamloops hospital

‘I can’t get from Kamloops back to 100 Mile House injured, confused… no shoes, no clothes whatsoever’

Sentencing scheduled Tuesday for man who killed Belgian tourist

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Sakkalis near Boston Bar

Canadian universities encourage exchange students in Hong Kong to head home

UBC said 11 of its 32 students completing programs in Hong Kong have already left

Midget no more: Sweeping division name changes coming to minor hockey in Canada

Alpha-numeric division names will be used for the 2020-2021 season and beyond

Most Read