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New Gold Gets Nod To Build C$1.8B Mine In British Columbia

The Government of Canada approved New Gold’s Blackwater project, an open-pit gold and silver mine located 110 kilometres southwest of Vanderhoof, British Columbia.

Yesterday the Canadian Minister of Environment and Climate Change, Catherine McKenna, announced the mine can succeed having followed “ . . . a thorough and science-based environmental assessment process concluding that the project is not likely to cause significant adverse environmental effects when mitigation measures are taken into account.”

New Gold (NYSE:NGD) says the proposed $1.8 billion project could create up to 1,500 jobs during construction and 495 during operations over the life of the project.

New Gold is currently trading 85 cents as of 4 p.m. ET. The 52-week-range is 70 cents to $2.53.

The approval comes with 172 conditions that must be fulfilled throughout the life of the project.

“These conditions will reduce or eliminate the potential effects on the environment and include measures to protect wetlands, fish and fish habitat, migratory birds, the current use of lands and resources by Indigenous Peoples, physical and cultural heritage and structures, and wildlife and species at risk,” said the Canadian Environmental Assessment Agency in a news release.

New Gold is a Canadian-focused intermediate gold mining company. It operates Rainy River and New Afton Mines in Canada.

Written with material from Government of Canada news release. Creative Commons image of mining truck courtesy of Silvia Barta.