There’s plenty more gold buried near Yellowknife — whether any of it gets mined is still up in the air
Regulatory “overkill” surrounding mine remediation can guarantee two things: a mine is absolutely going to get remediated and, in the last few decades, no new gold mines have come on stream in the NWT, pointed out Dave Webb, president and CEO of 60 North Gold Mining.
And that’s despite gold climbing to more than $2,750 an ounce recently and Yellowknife having a long history of producing the precious metal.
“You calculate how much it costs to remediate your property before you even start mining and you give that to the Mackenzie Valley Land and Water Board. They take 100 per cent of the costs to reclaim the property. That’s not an inconsequential amount of cash,” said Webb.
For the rest of this article: https://www.nnsl.com/home/regulatory-overkill-a-barrier-to-new-mines-ceo-says-7613443