Imperial Metals has announced that the Government of Canada will provide C$500m ($352.2m) to support the Red Chris Block Cave project in British Columbia (BC).
The funding is set to be delivered through the Canada-British Columbia Co-operative Prosperity Agreement.
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The Red Chris mine is operated as a joint venture (JV) with Newmont, which has a 70% interest and acts as the operator, and Imperial Metals, holding 30%.
This federal commitment will help advance the proposed block cave copper-gold operation through the JV’s internal approval process towards a final investment decision.
Newmont is currently completing a definitive feasibility study for the project.
The proposed block cave development could extend the Red Chris mine’s operational life by around 14 years.
The project is also expected to create more than 1,800 jobs during construction and maintain an estimated workforce of 1,500 during peak operations.
Located in BC’s Golden Triangle, Red Chris began production in 2015.
In the 2023 financial year, it produced 18,000t of copper.
Current reserves include 3.6 million ounces (moz) of gold and 900,000t of copper, with resources of 4.4moz of gold and 1.3 million tonnes of copper.
The operation has multi-decade production potential, with feasibility and permitting work under way for the block cave expansion.
Last month, Newmont secured key regulatory approvals from the Province of British Columbia for the Red Chris Block Cave project.
These approvals include an amended Environmental Assessment Certificate, obtained in collaboration with the Tahltan Nation, as well as an amended Mines Act permit.
