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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Tour recognizes Prince Rupert’s rich labour history

Epic story of the Battle of Kelly’s Cut put Rupert on the labour radar

Rio Tinto responds to U.S. aluminum import tariffs

The tariffs were imposed by President Donald Trump Aug. 6

Coastal GasLink breaks ground on meter station in Kitimat

Meter station marks final point on pipeline that stretches from Northeast B.C.

Oily rain runoff down the drain causes concern for Prince Rupert residents

Immediate action taken to alleviate any concerns, road paving contractor said.

B.C. fish harvesters receive long-awaited details on pandemic benefits

Applications to the $470-million federal assistance programs will open Aug. 24

Canada to match donations to Lebanon relief

Canada is directing all of its aid for this crisis directly to humanitarian organizations, not the Lebanese government

Antonio Banderas says he’s tested positive for coronavirus

Acclaimed actor celebrating his 60th birthday in quarantine

Bear put down after being found on Vancouver Island kitchen counter

Bear trapped and killed near Ucluelet after repeated instances of entering sheds and homes

Who can dismiss the Governor General? A look at protocols and possibilities

The Governor General is appointed by the Queen, on the advice of the prime minister

Second phase of NHL draft lottery set for Monday

Each club eliminated from qualifying round has a 12.5 per cent shot at the No. 1 pick

University of Victoria, rowing coach sued over alleged ‘fat shaming’ and verbal abuse

Lawsuit says Barney Williams subjected coxswain Lily Copeland to offensive and belittling language

1 year since a B.C. teen died in a skate park, his family still waiting for charges

Carson Crimeni’s final moments were broadcast on social media

NHL playoffs: Canucks to meet St. Louis Blues in Round 1

Vancouver takes on defending champs beginning Wednesday

Simon Cowell breaks his back falling from electric bike

Incident happened at his home in California

Most Read