The Toronto-based miner acquired the 4,170-hectare St. Laurent project in March.

Chantrell, as a new Osisko Mining led venture, will purchase Chalice's wholly owned subsidiary Chalice Gold Mines (Quebec) and its assets.

Throughout July, work is under way at the U.N.'s International Seabed Authority (ISA) in Kingston to establish regulation on mining the oceans.

The Matawinie project has been the subject of a feasibility study for an all-electric, open pit mine.

The historic mine was closed temporarily in 2002 when gold prices were below $300 per oz.

The metal, which is mostly used in soldering, dropped 6.3% to settle at $17,700 a metric ton on the London Metal Exchange.

Vale’s attempt to reduce costs resulted in heightened tolerance for risks, according to the report.

Alcoa last week said it expects the smelter to be fully operational within 10 months if the offer was accepted.

Iron ore price sets fresh 5-and-a-half year high Tuesday, but the good times won't last, says the Australian government's chief economist.