NovaGold wants out of Galore Creek

A COMPANY that has been a major presence in northwestern mine development wants out.

A COMPANY that has been a major presence in northwest mine development wants out.

In a press release this morning, NovaGold’s board of directors announced it wants to sell all or part of the company’s 50 per cent stake in the Galore Creek copper and gold project.

The other half is owned by Teck Cominco.

Selling all of part of its stake in Galore Creek would allow NovaGold to concentrate on its Donlin Gold project in Alaska, the company said in calling the latter its “flagship” property.

NovaGold has been promoting Galore Creek as a major copper property which, if developed, would be the fourth largest copper mine in North America.

The company recently released a prefeasibility study point to the operating potential of the property and said a decision to advance to an environmental review would be made by the end of the year.

This would be the second time NovaGold and Teck Cominco have contemplated production at Galore Creek.

A $2.5 billion mine construction project was halted in late 2007 when capital cost projections doubled and the companies have been spent the years since then refining a mining plan.

Galore Creek construction had been regarded as a key part of the revival of a flagging northwestern economy until work halted in late 2007.

Galore Creek had also been regarded in 2007 as a foundation project for the Northwest Transmission Line and development work on that project was also halted when Galore Creek closed down, further dampening the regional economy.

Planning for the transmission line did resume in 2009 and actual construction work is to start next spring with owner BC Hydro looking for other customers to use the line.

 

 

Just Posted

B.C. turns up the heat

Environment Canada has issued a special weather statement for most the province due to high temperatures

Skeena First Nations push for full closure of recreational fishery

Eight First Nations on the Skeena River watershed say DFO’s chinook restrictions isn’t enough

‘Daddy bonus’ common in B.C. workplaces, study finds

UBC researchers say dads don’t have to be number one in the office to get a raise

30 degrees and warmer forecasted with heat wave in B.C.

The weather could stay well into next week, according to Environment Canada

Family reunion almost 50 years in the making

Adopted Norwegian man finds his biological mother in Endako.

Homeless people living on ‘Surrey Strip’ move into modular housing

BC Housing says 160 homeless people are being moved into temporary Whalley suites from June 19 to 21

Independent schools continue to top Fraser Institute secondary school list

Think tank says its ratings are fair to all schools, public and private

Former Somali child refugee fights to stay in Canada

Former child refugee Abdoul Abdi’s judicial review set for today in Halifax

U.S. border separations ripple through midterm campaigns

Several Republicans to break from President Donald Trump amid boarder separation issues

AFN chief accused of being too close to Trudeau

Perry Bellegarde insists he is not that close to the Liberals as elections looms

Three injured after industrial explosion in Newfoundland

The roof of the warehouse was blown off in the explosion near St. John’s

Ottawa Senators trade Mike Hoffman, less than a week after allegations involving partner

Following the trade Senators make no mention of allegations against Hoffman’s partner

Late goal gives England 2-1 win over Tunisia

At the last World Cup in 2014, England couldn’t even win a game

Most Read