Industry Thoughts: Production and Development in Ontario - Ontario Mining 2022

Industry Thoughts:

Production and Development in Ontario

“Currently, Rainy River is entering the next phase focusing on optimization, free cash flow and profitability. The mine is to transition from open-pit to underground, and we will start mining in 2022 from the far east zone of entropy. When the pit is depleted in 2026 it will transition to a full underground operation. New Gold will be one of the few mines combining open-pit and underground.”

Renaud Adams, President and CEO, New Gold

"We are very excited about Côté. It is a tier one, multi-generational asset located approximately halfway between Timmins and Sudbury and sits 6 km off the highway, giving us excellent access to skilled labor, hydropower and transportation routes. Côté is a 70%-30% joint venture between IAMGOLD and Sumitomo Metal Mining, and currently has an 18-year mine life on a reserve base of over 7 million oz Au on 100% basis. The project is expected to produce close to 500,000 oz/y for the first five years, with life of mine average of 367,000 oz/y at all-in sustaining costs of US$802/oz."

Daniella Dimitrov, President, CFO and Interim CEO, IAMGOLD

“One key accomplishment at Young-Davidson was our innovative solution to sink their shaft. We developed a method that required no one to be inside the shaft for excavation by using a raise bore to excavate the shaft and then install the hoisting plant over the top. There was a raise bore machine pulling up a reamer used for excavation and we relied on directional drilling technology to ensure a straight shaft. We are replicating this model also in projects in the US.”

Eric Smith, Managing Director, Cementation Americas

“The low hanging fruit in mining is getting depleted and it is much harder to find quality deposits, especially at surface. Many mining companies are starting to go deeper, but with a lot more costs and risks involved. There are still a significant number of deposits that are near surface and part of the mineral resource portfolio of a company, but which cannot be mined with conventional methods. Novamera is effectively enabling companies to unlock these mineral resources through our cost-effective, more precise, and minimally invasive method of mining.”

Dustin Angelo, President, CEO and Co-Founder, Novamera

Image courtesy of Red Pine Exploration

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Section 3: Mining Finance