Building activities at Côté Gold, located in the Abitibi gold belt in Ontario, were slated to start in the first months of 2019, with pre-production beginning in late 2020.
The mineral resource update totalled 9.85 million tonnes at 3.6 grams per tonne of gold for 1.14 million of indicate ounces, a surge of 57,000 ounces from the previous update.
“We believe that clarity, compensation payments, and a relatively long phase-out period should trigger a re-rating for the company’s conventional power generation,” said analyst Guido Hoymann.
An alarm warning of an imminent mining dam rupture was issued on Sunday morning near Brumadinho, the same Brazilian community where the collapse of Vale's dam on Friday killed at least 58 and left over 400 more feared dead.