Artemis Gold (TSXV: ARTG) has delayed production at its Blackwater mine in British Columbia after issues setting up the process control network over the holidays impacted plans.
The company now expects to start ore processing and the first gold pour in January, after it finishes the wet plant’s final commissioning.
On Tuesday morning, Artemis Gold’s shares rose 13¢, or 1%, to $13.63 on the announcement. This sent the Vancouver miner’s market cap above $3 billion.
Despite multiple construction delays, Artemis had kept its first pour target of year-end 2024. The delays, mainly caused by the B.C. wildfires this summer, have led to a 7% rise in the project’s initial capital costs to $780-$800 million.
The Blackwater mine, located 160 km southwest of Prince George, is expected to become the province’s first new gold mine since the Brucejack in 2017.
Once in production, it is expected to produce 500,000 oz. of gold equivalent in each of its first 10 years, generating annual free cash flow of about $500 million at an all-in sustaining cost of US$712 per ounce.
Expansion plans are also underway to extend the life of mine to 23 years.
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