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Seabridge applies to BC for ‘substantially started’ status for KSM

18th January 2024

By: Creamer Media Reporter

     

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Dual-listed Seabridge Gold has applied to the British Columbia Environment Assessment Office (BC EAO) for ‘substantially started’ status for its 100%-owned KSM project.

Under the BC Environmental Assessment Act, a project's environmental assessment certificate (EAC) expires if the project has not been substantially started by the deadline specified in its EAC. However, the Environment and Climate Change Strategy Minister or Associate Deputy Minister may determine that a project has been 'substantially started' before the deadline, in which case the EAC remains in effect for the life of the project.

KSM's current EAC deadline is July 29, 2026.

“We look forward to working with the BC EAO and First Nations on the review of our application. The permanent physical improvements we have made to the KSM site are truly impressive. Since launching our early construction programme three years ago, a proposed mine development that only existed on paper is now taking physical shape on the ground with roads and bridges, permanent living facilities for our personnel, hydroelectric power infrastructure and new fish habitat compensation projects,” says Seabridge chairperson and CEO Rudi Fronk.

In determining whether a project has been 'substantially started', the Minister assesses on a project-specific basis whether sufficient permanent on-site physical improvements have been completed to warrant the designation.

Seabridge has spent more than $997-million since acquiring the KSM project in 2001, of which $805-million has been spent after the issuance of the EAC in July 2014. Since 2021, when Seabridge made the decision to commence early construction activities, $444-million has been spent on KSM project construction, focusing on the development of permanent infrastructure on site which will be required to operate the multi-generational mine.

The KSM project has the third-biggest undeveloped copper resource in the world as well as the largest gold resource. Copper has been designated as a critical mineral required by BC and Canada to assist in the transition to a greener future and KSM is poised to make a significant contribution to this need.

Edited by Creamer Media Reporter

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