New Gold’s Rainy River project gets key environmental nod
Canadian New Gold (TSX:NGD) is closer than it’s ever been to developing its Rainy River mine in Ontario as the intermediate bullion producer has just received two key environmental approvals for the project.
The Canadian Environmental Assessment Agency and the Ontario Ministry of Environment and Climate Change separately completed their detailed assessments of the Rainy River project, giving the project their thumbs up, the Vancouver-based company said Friday.
Canada’s Federal government gave its okay earlier this month for the proposed open-pit and underground gold mine, as well as an on-site metal mill.
Rainy River is expected to produce about 325,000 ounces of gold a year, at all-in sustaining costs of $736/ounces over the first nine years, starting in 2017.
Stocks in the company were up 4.65% to $5.63 11:17 am ET.
CORRECTION: Story originally carried a photo of an incorrect project. Image has been removed.