en.Wedoany.com Reported - Global gold miner Newmont (New York Stock Exchange: NEM, Toronto Stock Exchange: NGT) recently stated that its Red Chris mine in British Columbia has received key regulatory approvals, paving the way for a transition from open-pit to underground mining and extending the mine's life to the mid-2040s.
Newmont holds a majority stake in the mine and operates it, with partner Imperial Metals (Toronto Stock Exchange: III) holding a 30% joint venture interest. The newly obtained approvals allow the Red Chris mine to transition from its current open-pit operation to block caving, marking a milestone for Newmont ahead of a final investment decision later this year.
The province's approvals include a revised Environmental Assessment Certificate (EAC), obtained through a consensus-based process with the Tahltan Nation, as well as a revised Mines Act permit. The Red Chris copper-gold porphyry deposit, located in British Columbia's Golden Triangle region, has estimated proven, probable, and inferred resources containing 20 million ounces of gold and 13 billion pounds of copper. Newmont stated that Red Chris has decades of further growth potential beyond this initial approval phase.
Newmont CEO Natascha Viljoen said in a press release that northwestern British Columbia is emerging as a world-class mining district, thanks to its abundant mineral resources, availability of clean hydroelectric power, port access, supportive government, and strong Indigenous economic leadership. She noted that the company is proud to have advanced this project through a consensus-based framework with the Tahltan Nation, reflecting a shared commitment to responsible resource development.
The U.S. giant expanded its presence in the Canadian province and its exposure to copper after acquiring Newcrest in a $17 billion deal in 2023. The acquisition added the Bruce Jack mine and Red Chris to its portfolio, with the miner planning long-term operations in the mineral-rich northwestern region of the province.
British Columbia Premier David Eby stated in the announcement that the Red Chris expansion highlights how partnership agreements with Indigenous peoples and predictable processes create the certainty needed to advance major projects. He said this confidence is driving historic private-sector investment in the province, creating jobs and family-supporting livelihoods. The approval of the Red Chris mine expansion is expected to bring lasting benefits to the Tahltan Nation and the people of the province.
Michael Goehring, CEO of the Mining Association of British Columbia, said that Newmont's regulatory approval for the Red Chris block caving project in the province is a vote of confidence in British Columbia's mining sector. The project involves billions of dollars in capital investment, creating over 1,800 jobs during construction and sustaining approximately 1,500 operational jobs through 2040.
Goehring noted that the Red Chris block caving project is the seventh major mine or mine expansion approved in the past 18 months and urged the provincial government to capitalize on this momentum to accelerate permitting for more mines. Newmont is completing the project's final feasibility study and detailed cost estimates. The project is expected to increase Canada's copper production by approximately 15%.
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