The Canadian authorities have moved to support Newmont Corporation’s Red Chris underground expansion project by granting the necessary regulatory approvals and providing C$500 million ($352 million) in funding.
The approvals enable the transition of the Red Chris copper and gold mine from current open-pit operations to block caving, allowing an extension of mine life into the mid-2040s. Newmont plans to make a final investment decision later this year.
The funding further strengthens the project’s prospects. Red Chris Block Cave is expected to create more than 1,800 jobs during construction and sustain 1,500 operational roles. It is also estimated to increase Canada’s copper production by 15%.
"The project is expected to extend the life of the current Red Chris mine by approximately 14 years and sets the foundation for decades of potential additional mining," Newmont said in a statement.
"As we advance through our approval process toward a final investment decision, this commitment strengthens the business case for the development of a world-class copper-gold operation."
Newmont is the majority owner and operator of the Red Chris mine with Imperial Metals, its 30 percent joint venture partner.
Theodor Lisovoy, Managing Editor, Rough&Polished
