Current Presentations
November 2007
Construction of the Galore Creek Mine Halted
Teck Cominco and NovaGold Resources stopped construction of the Galore Creek copper-gold mine after costs for the project more than doubled to $5 billion. NovaGold CEO Rick Van Nieuwenhuyse explained that the increased costs resulted from a miscalculation of the time and labour necessary to build a mine-waste disposal facility at the site, as well as increasing costs for wages and equipment. A dam for storing mine waste or tailings was expected to account for 25% of capital costs according to an earlier estimate. According to the latest estimate, the waste-retention dam would consume 45% of capital costs and the necessary rerouting of a river would take 24 months longer than what had been originally planned for. The miscalculation has been attributed to previous work performed by consultants. The added costs mean that the mine would not be viable at projected long-terms prices of about $600 an ounce for gold and $1.50 a pound for copper. Teck Cominco CEO Don Lindsay has described the Galore Creek project as being “on care and maintenance.” Given the significant mineral resources at Galore Creek, both companies say they have no plans to sell and they will continue to review the project. Lindsay said, “Holding onto these resources is important and so is taking the time to ensure we have the right development project.”
Source: Bloomberg
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Current News
Clone Core Samples Sent in for Assay
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read moreDrilling to Begin on Clone
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