LandKeepers News Archive
Teck, Novagold strike Galore deal
February 25 2009 | News Articles | Smithers Interior News
Teck, Novagold strike Galore deal
NovaGold and Teck Cominco have agreed that Teck will pay for the entire cost of their shared Galore Creek Project for a specified period.
The companies decided that Teck will provide all of the funding for Galore Creek until the price tag hits $60 million (this will include Teck’s previous contributions).
As long as Teck is funding the project exclusively, the company will have a casting vote on the partnership’s management committee, meaning it will have input into when, where, and how the money is spent.
In 2008, at Galore Creek, NovaGold conducted an engineering review and decided that the project could be expanded. The construction time will be shorter, they said, and risks associated with its development will be lower than expected.
The company expects the mine to produce 350 to 700 million pounds of copper, 250,000 to 500,000 ounces of gold, and 3 to 5 million pounds of silver in the first five to 10 years of operation.
NovaGold also said the company will continue to work on road links to Highway 37. The B.C. government recently agreed to fund the electrification of the highway, which will be a major benefit to the mining industry.
http://www.bclocalnews.com/business/40169783.html
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