The number of inactive gold projects is on the rise, according to Metals Economics Group’s recent study, Potential New Canadian Gold Production. Ninety-nine Canadian gold projects were in reserves development, feasibility, and preproduction stages early in 1990, compared with 167 projects reported at the same time last year. The study attributes this rise largely to the decreased availability of flow-through funds and last year’s relatively low gold prices.
The combined reserves of projects currently in late stages of development are 32.3 million oz. of gold in approximately 496 million tons of ore, 300 million tons of which belong to the Mount Milligan project in British Columbia. In early 1989, there were 36.4 million oz. of gold contained in about 246 million tons of ore in late-stage Canadian projects.
The three provinces leading in new gold development are British Columbia with 27 projects, Quebec with 25, and Ontario with 19. Of the total 99 projects profiled in the study, six contain more than one million ounces of gold each. Mount Milligan of Continental Gold and BP Resources Canada is the largest reserve with 5.1 million oz. gold, grading 0.017 oz. per ton, and 990,000 tons of copper, grading 33%.
Six mines currently in the preproduction stage are expected to come on stream this year. At full capacity, these six mines are estimated to add about 527,000 oz. annually to Canadian gold production capacity.
Potential New Canadian Gold Production. By Metals Economics Group. 2000 Barrington St., P.O. Box 2206, Halifax, N.S. B3J 3C4. Price: US$1,425.
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