Valentine gold project has been released from environmental assessment
The provincial government is giving the go-ahead to a proposed gold mine in central Newfoundland that is being touted as potentially the largest in Atlantic Canada and a “significant contributor” to the province’s economy.
Industry Minister Andrew Parsons made the announcement Thursday in the House of Assembly. “The Valentine gold project in central Newfoundland has been released from the provincial government’s environmental assessment and the project is approved to proceed,” Parsons said.
The Marathon Gold Corporation, based in Toronto, is the company behind the mine, proposed to set up shop just south of Buchans near Red Indian Lake. The company says it expects to create about 11,000 person years of employment in the province and employ an average of more than 400 people annually. “This will result in the generation of approximately $750 million in income to workers and businesses located within our province,” said Parsons.
Parsons said the initial capital investment is estimated at $305 million, while total investment over the life of the mine is estimated at $662 million. He said Marathon estimates the project will contribute $2.9 billion to the provincial GDP and about $400 million in incremental revenues to the provincial treasury.
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