The ore processing mill at the Red Chris copper and gold mine located south of Iskut and east of Hwy 37. (File photo)

The ore processing mill at the Red Chris copper and gold mine located south of Iskut and east of Hwy 37. (File photo)

Australian gold mining giant acquires Red Chris mine

Newcrest now owns 70 per cent of the mine south of Iskut and operatorship

Newcrest Mining has acquired a 70 per stake in and operatorship of the Red Chris gold and copper mine just south of Iskut near Hwy 37.

The joint venture with Imperial Metals, which retains a 30 per cent stake was first announced in March and leverages the expertise of one of the largest gold mining companies in the world.

“We are delighted to have closed the Red Chris transaction and add this operating mine to our existing low cost, long-life portfolio” said Sandeep Biswas, Newcrest’s managing director and CEO.

“We are pleased with the highly constructive and collaborative relationship we are developing with the Tahltan Nation and the Government of British Columbia and look forward to working together as we execute our forward work plan to unlock the significant potential from Red Chris.”

Chad Day, Tahltan Central Government president, was also

“The Tahltan Nation is very pleased with today’s announcement,” he said. “Newcrest and the Tahltan Nation have established an excellent relationship thus far, based on mutual respect. The Tahltan Nation welcomes Newcrest into our territory and looks forward to a lasting, meaningful and fruitful partnership.”

That relationship is solidified with an updated Impact, Benefit and Co-Management Agreement (IBCA), which Newcrest said in a press release gives the Tahltan a “life-of-mine partnership covering royalties, education, training, employment and contracting opportunities, capacity support and provisions for communication, and interaction on social and environmental matters.”

Imperial has reported Red Chris contains a resource of 20 million ounces of gold and 13 billion pounds of copper. In addition to operating the existing open pit mine and expanding operations underground, Newcrest sees promising exploration opportunities in the property that could significantly extend the lifespan of the mine.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A large provincial grant will make cycling and walking safer in Terrace. (File photo)
Large grant to make walking, cycling safer in Terrace

Pathway will connect old Skeena Bridge to the downtown

Design work continues for planned new hospital

Construction contract still in the works

The Terrace municipal council in 1974. Front row, left to right, alderman E.F. Clift, Mayor Gordon Rowland, alderman H.M. Buncombe. Back row, left to right, alderman R.A. Green, alderman M.J.G. Duffus, alderman N. Jacques and alderman C.D. (Dave) Maroney. (City of Terrace photo)
Former Terrace mayor passes away

Gordon Rowland was mayor during the 1970s

Instructor and master artist Dempsey Bob (right) speaks to the crowd at the Terrace Art Gallery about the importance of cultural art on Feb. 7, 2020. Bob is a recipient of a 2021 Governor General’s Awards in Visual and Media Arts Artistic Achievement Award. (Black Press Media File Photo)
Terrace resident Dempsey Bob wins national art award

Renowned Tahltan-Tlingit master carver one of eight people to receive GGArts Award

Hundreds of Valentine’s Day cards were delivered to Terraceview Lodge residents. (Submitted Photo/Carolyn DeFreitas)
Terraceview Lodge residents receive hundreds of Valentines

The Terrace Public Library delivered 373 Valentines cards to residents

Dr. Bonnie Henry talk about the next steps in B.C.'s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
456 new COVID-19 cases in B.C., 2 deaths

Since January 2020, 78,278 have tested positive for the novel coronavirus in B.C.

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. (THE CANADIAN PRESS/Nathan Denette)
Vaccinating essential workers before seniors in B.C. could save lives: experts

A new study says the switch could also save up to $230 million in provincial health-care costs

The late Michael Gregory, 57, is accused of sexually exploiting six junior high students between 1999 and 2005. (Pixabay)
Former Alberta teacher accused of sexually assaulting students found dead in B.C.

Mounties say Michael Gregory’s death has been deemed ‘non-suspicious’

According to a new poll, a majority of Canadians want to see illicit drugs decriminalized. (THE ASSOCIATED PRESS)
Majority of Canadians think it’s high time to decriminalize illicit drugs: poll

More than two-times the B.C. residents know someone who died from an overdose compared to rest of Canada

Photograph By @KAYLAXANDERSON
VIDEO: Lynx grabs lunch in Kamloops

A lynx surprises a group of ducks and picks one off for lunch

(Black Press Media file photo)
B.C. residents can reserve provincial camp sites starting March 8

B.C. residents get priority access to camping reservations in province

Two women were arrested in Nanaimo for refusing to wear masks and causing disturbance on a BC Ferries vessel. (File photo)
B.C. ferry passengers arrested and fined for disturbance, refusing to wear masks

Police said woman threatened their pensions in Feb. 21 incident aboard Nanaimo-bound boat

When his owner had knee surgery, Kevin, 2, was able to continue to go for walks thanks to volunteers from Elder Dog Canada. (Contributed photo)
B.C. woman has nothing but praise for Elder Dog Canada

National organization has a fleet of volunteer walkers ready, but needs more clients to serve

Most Read