New Gold awaits provincial signal after fed govt OKs Rainy River project
TORONTO (miningweekly.com) – Canada's Environment Minister Leona Aglukkaq announced late on Monday that miner New Gold’s proposed Rainy River Project, located in the Township of Chapple, Ontario, was not likely to cause significant adverse environmental effects.
New Gold spokesperson Julie Taylor said the federal decision was a significant milestone for the project.
She noted that while New Gold was eagerly awaiting the Ontario government’s decision on the project’s provincial permit, the federal approval would allow the company to start work on ancillary permits.
“Should the company get a positive provincial ruling, New Gold would be positioned to pursue the mine operating permit, explosives permit and other mining-related permits,” Taylor told Mining Weekly Online.
New Gold had last year acquired Rainy River Resources for C$310-million.
The advanced-stage Rainy River project would process ore at a rate of 21 000 t/d from a combination of openpit, underground and stockpiled ore. A January 2014 feasibility study expected the project to produce about 325 000 oz/y of gold, at all-in sustaining costs of $736/oz over the first nine years, starting in 2017.
The initial capital outlay was estimated at $885-million and sustaining capital at $348-million, or $102/oz, for total capital of $1.23-billion.
New Gold planned to process higher-grade ounces in the project's early years, while stockpiling lower grades for processing towards the end of the mine life.
The company had recently secured additional land at the project, when it acquired exploration firm Bayfield Ventures.
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