en.Wedoany.com Reported - Australian gold miner St Barbara Limited (ASX: SBM) has received approval from the government of Nova Scotia, Canada, to process approximately 3 million tonnes of stockpiled ore at the closed Touquoy gold mine. This stockpile consists of ore accumulated at the mine site, located about 100 kilometers northeast of Halifax, after mining ceased in 2023. If gold prices remain around US$4,000 per ounce, this ore processing operation is expected to generate approximately C$118 million (about US$86 million) in revenue for the company.
St Barbara plans to commence the ore processing work by the end of 2026, with initial capital expenditure estimated at about C$11.4 million, primarily for refurbishing the mine's processing plant facilities. The company expects to process approximately 38,000 ounces of gold from the stockpiled ore, which has an average grade of 0.4 grams per tonne, with an estimated all-in sustaining cost of US$1,598 per ounce. The operation is expected to last 10 to 14 months. According to the industrial permit issued by Nova Scotia this month, no new mining activities are permitted during the operation, and all work must be confined to the existing site area. The permit also stipulates that operations must comply with environmental and human health standards.
In a press release, St Barbara's CEO, Andrew Strelein, stated: "This approval, received within the government's stated target timeframe for permitting, demonstrates the positive collaboration and sense of urgency from the government's newly established Major Infrastructure Document team, which will significantly boost industry confidence." The ore processing project is expected to create 197 jobs, including positions for former management team members from the Touquoy mine.
This operation is part of St Barbara's efforts to advance its "15-Mile Hub" regional development plan. Over the past two years, the company has consolidated approximately 697 square kilometers of land around the planned hub and identified 56 exploration targets within a 75-kilometer radius. According to the company's announcement, the "15-Mile Hub" is projected to produce about 100,000 ounces of gold annually between 2030 and 2040.
At the Touquoy mine site, workers place all processed waste material into the existing open pit. Site reclamation work began in 2024. During the ore processing period, reclamation activities will continue over most of the site, while cleanup work in the processing plant area will be temporarily suspended. The Nova Scotia government holds approximately C$80 million in security from Atlantic Mining Nova Scotia to ensure site reclamation is completed in accordance with the requirements of the *Environment Act*.
St Barbara's share price has risen about 20% year-to-date. On April 15, it closed at 71 Australian cents per share on the Sydney market, giving the company a market valuation of approximately A$853 million (about US$612 million). Its 52-week trading range is between 22 cents and 89 cents. Founded in 1969 and headquartered in Perth, the company has been listed on the Australian Securities Exchange since 1999 and holds gold mining operating assets in Nova Scotia, Canada, and Papua New Guinea.
In March 2026, the Nova Scotia government reached an agreement with the Canadian federal government on a "one project, one review" process aimed at shortening approval times for major resource projects. Nova Scotia launched its Critical Minerals Strategy in 2024 and updated it in 2025, identifying 20 critical minerals and 4 strategic minerals, with gold listed as one of the strategic priorities for the province's resource development.
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