Osisko Development says construction on a new underground gold mine near Wells can now proceed now that it has received an operating permit under the BC Mines Act from the provincial government.
A company spokesperson confirms that construction capital for the project is estimated at more than 588 million dollars, and that if a fully funded capital solution is secured within a reasonable timeline, construction could start in the second half of 2025.
The targeted completion date would then be at the end of 2027.
Osisko says the project will employ 634 workers during construction, and up to 488 employees during peak steady-state operations.
A decision on the Environmental Management Act permits, which governs water discharge activities, is expected shortly.
Osisko says the Bonanza Ledge and QR Mill site environmental permits are undergoing an amendment, while the Mine Site Complex environmental permit will be a new permit, with discharge not occurring at the site until 2026.
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