Canada’s minister of the environment on Friday gave the green light to Seabridge Gold’s KSM project in British Columbia, the world’s largest undeveloped gold-copper project by reserves.
The joint harmonized federal and provincial environmental assessment process took nearly seven-years and KSM is only the second metal mine in five years to receive approval by Canada and BC.
Since 2006, Seabridge has spent more than $176 million in exploration, engineering and environmental work to bring the project this far.
Seabridge Gold plans combined open-pit and underground gold copper silver and molydenum mine in the Kerr, Sulphurets, and Mitchell Creek watersheds located approximately 65 kilometres northwest of Stewart, BC and roughly 35 km northeast of the Alaska border.
The deposit boasts 38.2 million ounces of gold, 9.9 billion pounds of copper, 191 million ounces of silver and 213 million pounds of molybdenum provable and probable reserves.
The mine is expected to process 130,000 tonnes per day of ore over an anticipated mine life of 52 years.
KSM forecasts 1,800 direct and 4,770 indirect jobs across Canada during the five-year construction period and 1,040 direct jobs annually while in production.
During construction, Seabridge will spend $3.5 billion in British Columbia and $6 billion in Canada. Over the life of the mine’s operations, more than $400 million in GDP will be produced for British Columbia and more than $42 billion for Canada.
Seabridge Gold holds a 100% interest in several North American gold resource projects with its Courageous Lake gold project located in the Northwest Territories its principal asset outside KSM.
Note there is no mention of grade, What is it another one of these BC geochemical anomalies with a grade little better than a standard hard rock quarry
itch & scratch that same old scab,
just as you have a million times before,
counting those chickens before they have proverbially
like it’s all gonna turn out
Congratulations to the Seabridge team and the province of British Columbia! This is really great news! I am proud to be a shareholder and a stakeholder!
PFS done in 2012, updated in November 2014. 2.164 Bt at 0.55 g/t. Proven 10.3 MM oz, Probable 27.9. Overall 73% recovery of gold. Post-tax IRR of 9.4%, 6.4 year payback, USD $5.3 BB – in Q2 2012 dollars. Used $1,330 gold, $25.20 silver and $3.45 copper. Market cap of SA today was USD $358 MM, so about $10 per ounce of gold in the ground. I remember when Newhawk used to promote this (the Sulphurets, at least) on radio station CKO in the 1980’s (I think it was Bill Williams, the business editor, who used to read the advertisements).
Exchange rate is a huge positive impact, maybe offsetting the dismal metal prices.
I think before one is mislead by the article read what is on the Official Canadian Govt site: notice the matter is to be referred back to several agencies for review and approval, so this is not a done deal. Thank goodness I didn’t push the Invest Button. Its not over yet from what appears in post by the Canadian site:
KSM (Kerr-Sulphurets-Mitchell) Project – Environmental Assessment Decision and Project Recommendation
December 19, 2014 — Ottawa — Canadian Environmental Assessment Agency
The Honourable Leona Aglukkaq, Minister of the Environment, Minister of the Canadian Northern Economic Development Agency and Minister for the Arctic Council, announced today that the proposed KSM (Kerr-Sulphurets-Mitchell) Project, (the Project) located in British Columbia, is not likely to cause significant adverse environmental effects when the mitigation measures described in the Comprehensive Study Report are taken into account. The Project has been referred back to the responsible authorities, Environment Canada, Fisheries and Oceans Canada and Natural Resources Canada, for appropriate action.
The Minister has also issued a Project Recommendation under the Nisga’a Final Agreement (NFA) that includes provisions to mitigate adverse environmental effects on the Nisga’a Nation.
In reaching her decision and making her recommendation, the Minister considered the Comprehensive Study Report and the comments received from the public, the Nisga’a Nation and other Aboriginal groups on the report.
This project was assessed using a science-based approach in accordance with the Canadian Environmental Assessment Act. The Project was also subject to requirements under the NFA, a modern treaty signed by the governments of Canada, British Columbia and the Nisga’a Nation.
“Thank goodness I didn’t push the Invest Button.”
Sounds like someone who waited a little too long to push that button and is hoping to still get in at these ridiculously low (at this point) prices. Lots of energy expended posting all that for someone who “didn’t push the Invest Button”…lol.
BTW…I’m not a shareholder, just found the post humourously interesting. Good luck Seabridge. Always liked your project, just never pulled the trigger. And if I had resources that weren’t already tied up, I’d buy on any significant dip.
congratulations is a great project that will produce gold copper, the challenge is to do well the work of sustainability, community relations respect for the environment. to price of copper and gold was evaluated economically this project?
Voisey's Bay Underground Mine
Best of luck to the KSM project. It is great to see mega gold silver and copper projects moving forward!
Nice move, but it is not a final approval, though. Seabridge will not invest itself in this project, they are still striving to find a big partners for this project. It is not an easy issue keeping in mind ridiculously low grade of copper in ore. Let’s see.
Have a 200+ hectare designated placer claim on Sulpherets Creek.Multi-million oz. potential. Minfile reports 1.04 gr/ton gold on surface. Require investors or buyer. Contact [email protected].
In all the discussion, I have yet to read a definitive statement of support from any aboriginal leader of consequence – and without firmly negotiated complete and prior aboriginal cooperation, the threat of future lawsuits by (so-called) First Nations peoples will hang over the project like a proverbial “Sword of Damocles” – just as that threat now hangs over virtually every other mining and petroleum venture within British Columbia.
Maybe Newgold will buy it and pair it with Blackwater & Rainy River to create some “critical mass” …..
50 year mine life, that’s just amazing. I am sure they will find a suitable partner for this project, Canada is the place to be for such huge mining projects. Not happy with the share price though. Market cap is less then 400 million $ ..should be 5 times that for a project this size.
Thomas Edward Pearce
More stolen resources from indigenous people’s land, the pollution associated with this mine will destroy water ways and the land. Is everything expendable for gold?
Disgusting, absolutely sickening that this type of destruction is allowed. Shame
The aboriginal people of our lands here in Canada need to wake up. Its the working stiffs that pay their taxes to keep the handouts coming to them.. You would think they would be embarrassed that they don’t work and support this great country and pay their own way. They say they want their traditional ways back, then get out and live off the land you lazy no goods.
C Four Tune
Sounds too good to be Union, scrubs…
Prepare for the Professional Protesters to show up. Nothing is developed in BC without their presence. It sounds like a good project. Best of luck developing it.
i would like to take up on this project 🙂 sounds like a good way to make money 🙂 or dig it up at least 🙂
why is British Columbia only receiving te percent of the profits for our own resources, thats a crap deal right there.
My late husband Lloyd was an underground miner , he loved his job. He began drilling, blasting, and other underground work, when he was 19 years old. He retired at age 65. My husband was a very good miner. The mining co. which he worked at , was on Vancouver Island. It is still running, and it is a very careful company. The mine is right in the midst of a provincial park. The mine has kept everything clean and in order. I am a native Indian woman, I do not oppose any mine , as they do provide employment, with great wages and benefits. Thank you for taking time to read my contribution.
To those who think this mine is a terrible thing and shouldn’t happen. I would hope you are doing your part by getting rid or any jewelry or high end electronics and having your house re wired to aluminum if you can find an insurance that allows it. Till then SUPPLY and DEMAND
“Responsible development for the benefit of all.” Isn’t that the modern credo? This isn’t anyone’s “granddaddies” exploration and mining anymore. Scrutiny, accountability and fair involvement of all parties concerned, including our respected First Nations people, are now the “norm” and getting more stringent by the year. There are few on the planet that use no metals, rare earths or plastics, anyone that does is being a little behind the times and a little hypocritical getting uncompromisingly down on the industry. Best of luck forging ahead with the KSM Project.
…and where are they going to dispose the effluents from tailing discharge? from acid mine drainage to contamination of groundwater and surface water from seepage of metals ….there goes our rivers and fishes ……and we’re left with nothing but a big scar on the surface of the earth. In 52 years the mines will undo what it took nature millions of years to create….
This sounds like another environmental disaster waiting to happen. If the water used during the processing is not drinkable at the end, then it should not be done!
All that gold, jobs and money will not do any good if you can’t drink the water.
There are too many examples of polluted rivers, lakes, etc… already.
Be smart and use the money/profits to figure out how to clean the water so its safe drinking water (even if it’s not the best to start with), the heavy metals and other toxins are neutralized and safe.
Then it would be safe to mine.
Sounds like ignorance on both sides deflects from the real task. Responsible utilization of the resource to the benefit of ALL parties involved. Whether you immigrated here last ice age or last week and through to our descendants many years from now. No small task indeed.
Does the recent rout in commodity prices such as copper’s decade low prices affect the feasibility or long term profitability of the project ?
Are there foreign investment considerations that could jeopardize the opening of the mine?
For all the folks commenting in favour of this project, I have just 5 words for you. REMEMBER MT.POLLEY MINE DISASTER!!!!!
“… Political Correctness remains just what it was intended to be: a sophisticated and dangerous form of censorship and oppression, imposed upon the citizenry with the ultimate goal of manipulating, brainwashing and destroying our society.” — NewsMax.com http://greyfalcon.us/restored/Political%20correctness.htm
While Many of us live day to day, and paycheck to paycheck, if we can,
Through many of our Struggles and Hardships- we look at why?
Could things have been done differently?
Many of us are Not Working, because we can’t work- perhaps because of Health Reasons, Workplace Injuries, Poor Economy, etc.
Many Working for a Wage or Low Salary- think it’s because our Employers don’t want to pay a decent wage…. and we compare our money -To their money.
Loosing our Property and Family, looking at Banks and Government Perhaps.
Well all these things are quite intertwined…
But I’ve often thought the reason was because we live in a Dictatorship.
Blaming our Employers for Closing with High Profits,
Governments Soaking Us with Taxes, Fines, Restrictions, Laws, etc. I think the Best and NOT so Best Know, and Have seen- How things can be so unfair…. How far does Humanities Problems Root?
Lets have a Look at this Scenario: If we follow the money- and who controls it? Do you think it’s the Government? The IMF? Well, I think your Probably on the Money. But seldom do we look at the Very Head of Our Country, and Others: The Queen.
Just how does she effect us? Do you know how much Countries GIVE and Pay to the Royal Family; and How Much Money they Have- and What She also Owns, and Controls, and Perhaps Who?
Why with All The Struggles our Countries are having, Does the Queen do – Little to nothing, to help so many, when it’s within her Power?
I would put forward, that perhaps there is a Pyramid Scheme? A Dictatorship?
Perhaps like a Bunch of Ants- We All Work for the Queen/
Pawns in the Ultimate Game of Chess!
“Queen Elizabeth II, head of state of the United Kingdom and of 31 other states and territories, is the legal owner of about 6,600 million acres of land, one sixth of the earth’s non ocean surface.
She is the only person on earth who owns whole countries, and who owns countries that are not her own domestic territory. This land ownership is separate from her role as head of state and is different from other monarchies where no such claim is made – Norway, Belgium, Denmark etc.
The value of her land holding. £17,600,000,000,000 (approx).
This makes her the richest individual on earth. ”
How Canada is owned
“All physical land in Canada is the property of the Crown, Queen Elisabeth 11. There is no provision in the Canada Act, or in the Constitution Act 1982 which amends it, for any Canadian to own any physical land in Canada. All that Canadians may hold, in conformity with medieval and feudal law, is “an interest in an estate in land in fee simple”. Land defined as ‘Crown land’ in Canada, and administered by the Federal Government and the Provinces, is merely land not ‘dedicated’ or assigned in freehold tenure. Freehold is tenure, not ownership. Freehold land is ‘held’ not ‘owned’.”
Queen Of England Uranium Mines, Nuclear Plants, Nuclear Weapons; UK Royalty Owns 85% Of World’s Uranium Mineral Rights
Britian’s LONG RICH History of Opium and Wars: https://en.wikipedia.org/wiki/First_Opium_War
“Out of 193 countries that are currently UN member states, we’ve invaded or fought conflicts in the territory of 171. That’s not far off a massive, jaw-dropping 90 per cent. Not too many Britons know that we invaded Iran in the Second World War with the Soviets. You can be fairly sure a lot more Iranians do. Or what about the time we arrived with elephants to invade Ethiopia? Every summer, hordes of British tourists now occupy Corfu and the other Ionian islands. Find out how we first invaded them armed with cannon instead of camera and set up the United States of the Ionian Islands. Think the Philippines have always been outside our zone of influence? Think again. Read the surprising story of our eighteenth-century occupation of Manila and how we demanded a ransom of millions of dollars for the city. This book takes a look at some of the truly awe-inspiring ways our country has been a force, for good and for bad, right across the world. A lot of people are vaguely aware that a quarter of the globe was once pink, but that’s not even half the story. We’re a stroppy, dynamic, irrepressible nation and this is how we changed the world, often when it didn’t ask to be changed!”
“All the Countries We’ve Ever Invaded: And the Few We Never Got Round To”
by Stuart Laycock
“Britain & the USA Battle to Conquer the World”
“We’re at War!” — And We Have Been Since 1776: 214 Years of American War-Making
Iceland has jailed 26 bankers, why won’t we?
Governments will surely be the Death of us all.
When Citizens Unite, Perhaps we can work for a Common Goal, to Help one another.
I hope you find some of this information of interest.
There can’t be an Open and Unbiased discussion – as comments with links and articles are deleted, and I see it’s controlled by Mining.com
Where will the hydro power come from?
Ah… now that I’ve watched the video: it comes from the new Northwest Transmission line.
Health effects of molybdenum
Based on animal experiments, molybdenum and its compounds are highly toxic. Some evidence of liver dysfunction with hyperbilirubinemia has been reported in workmen chronically exposed in a Soviet Mo-Cu plant. In addition, signs of gout have been found in factory workers and among inhabitants of Mo-rich areas of Armenia. The main features were joint pains in the knees, hands, feet, articular deformities, erythema, and edema of the joint areas
Read more: http://www.lenntech.com/periodic/elements/mo.htm#ixzz3zCuI6Z73
So funny some of these comments…Mining employs more aboriginal ppl than any other industry
There is no and never was a shortage of gold in Canada, USA, and especially Africa, If people and the markets knew that the financial Reset and RV would happen over night.