Dubreuilville mine builder cashed up to finish Magino open-pit project – by Ian Ross (Northern Ontario Business – August 11, 2022)


The bosses at Argonaut Gold seem pleased that construction of the Magino Mine, outside Dubreuilville, is back on track after some inflationary turbulence threw a scare into the Toronto gold company.

In an Aug. 11 webcast in releasing its second quarter results, Argonaut officials said development is progressing well, though next spring’s first gold pour will be delayed by a month.

The company dropped a bombshell in December when it announced the cost to complete the open-pit project had risen from $510 million to $800 million due to inflation and pandemic-related issues. Another review in the spring further raised the cost to $920 million.

Argonaut founder Pete Dougherty departed just before Christmas and 35-year mining veteran Larry Radford arrived in March as the new president-CEO to steer Magino over the finish line. To complete the job, Argonaut raised $595 million this year through a combination of equity and debt financing. About $510 million has been spent at Magino so far.

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