Blackwater schedule, capex guidance unchanged – Artemis


A June 2023 photo of the mobile equipment service area
A June 2023 photo of the CIL tank foundations.
The Blackwater mine, currently under construction in central British Columbia, remains on track for its first gold pour in the second half of next year, despite the temporary slowdown as a result of wildfire activity last month.
Project developer Artemis Gold in July temporarily reduced the number of nonessential staff and contractors because of an uncontrolled wildfire reaching the immediate vicinity of the mine site.
The damage to property was minimal and construction activities resumed in early August, with more than 400 people back on site.
Artemis says that while it is not making any changes to its initial capital expenditure (capex) guidance for the project, it is assessing the impact of the wildfire on its estimates.
Any cost impact depends on factors such as contractual remedies and insurance recoveries available to the company and its contractors.
The initial capital to complete to first gold pour is estimated to range between C$730-million and C$750-million, of which the company had incurred about C$186-million by the end of June.
Artemis chairperson Steven Dean comments that the project remains fully funded and is about 27% complete.
He notes that the company has formed strong partnerships with local communities and First Nations.
Blackwater will be one of the biggest gold mines in British Columbia once it enters production. In its first five years, the operation will produce 321 000 oz/y.
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