$ 50 million feasibility study to be completed by the end of 2022
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Glencore Canada is investing more than $ 50 million in a drilling and feasibility program to extend mine life at Kidd Operations.
The mine is currently expected to close by the end of 2023.
However, hopes remain alive that operations may expand beyond this.
Last week, the company informed staff that the next phase of drilling and feasibility had been approved for what has been dubbed the Mine 5 project, Alexis Segal, Glencore’s corporate communications manager, told The Daily on Thursday. Press.
The move came after a year of pre-feasibility studies that included 89,000 meters of drilling and subsequent review by independent experts.
“The project is now moving into the next phase of drilling and feasibility, which is expected to cost approximately US $ 44 million (C $ 53 million) and will include an additional 87,000 meters of drilling as well as underground development and engineering work. “Segal explained. .
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“Additional drilling will begin as soon as possible, once all the appropriate safety protocols are in place. “
Segal said the plan is to complete the feasibility study and present it to the company’s board of directors by the end of 2022.
Timmins Mayor George Pirie shared some of this information with online delegates who attended this year’s Virtual Canadian Mining Expo, praising it as “an exciting time for the city of Timmins and for the region” .
Pirie, who was the keynote speaker on the last day of the two-day virtual conference, told delegates, “Kidd Creek, as you know, worked on the development of Mine 5. Last Friday I was talking to the manager of mine, Mike. Furlotte, who told me that Glencore has announced and approved an acceleration of the feasibility study for this project.
“They will spend around 50 to 60 million to complete the pre-feasibility study by the fourth quarter of 2022.
“Anyone familiar with mining knows this is a very tight schedule; 18 months for this type of study is very aggressive.
“And $ 50- $ 60 million will tell you Glencore is committed to the deposit and the people of Timmins.”
In a statement to The Daily Press Thursday evening, Furlotte, the managing director of Kidd Operations, thanked “the project team who have worked very hard over the past year to bring the project to this important milestone.” All Kidd Operations employees will support the completion of the feasibility study while continuing to safely produce the minerals needed in daily life.