https://www.miningweekly.com

Yamana and Agnico Eagle approve C$1.7bn Odyssey mine

The Odyssey gold project will extend Canadian Malartic's operations to 2039.

The Odyssey gold project will extend Canadian Malartic's operations to 2039.

12th February 2021

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Joint venture partners Yamana Gold and Agnico Eagle have approved the C$1.7-billion construction of the Odyssey gold project at Canadian Malartic, in Quebec.

The underground project will extend the life Canadian Malartic – Canada’s largest operating openpit gold mine – to 2039, yielding an average of 545 000 oz/y from 2029 to 2039, at a total cash cost of $630/oz.

“One of Canada's largest underground gold mining projects will come to fruition right here in Malartic. The future mine's life is expected to extend until 2039 and operations could continue well beyond that, given the deposit's significant potential," said operator Canadian Malartic mine GM Serge Blais in a statement.

Between 200 and 500 people will be working at the site of the future Odyssey mine until 2028. An estimated 1 500 full-time employees will be needed at the peak of operations by 2031.

“This is huge for the region's economy and that of Québec,” Blais pointed out.

The future Odyssey mine will be accessed by a ramp and a shaft estimated at 1.8 km deep. Plans are to extract 19 000 t of ore at an estimated grade of about 2.75 g/t gold and roughly 5 000 t/d of waste rock during peak operations.

The ore will be processed at Canadian Malartic mine's existing plant, which will eventually be adapted to the future mine's needs.

Partner Yamana pointed out that Odyssey will be one of the most modernised electric underground mines. All major mobile production equipment, such as trucks, scoop trams, jumbos, bolters, and longhole drill rigs, will be electric powered.

The mine will also feature an LTE mobile communication network, automated trucks operated from the surface and on-demand ventilation.

The technical study for Odyssey delivered robust returns. At a gold price of $1 550/oz, Odyssey has a net present value of $1.14-billion and an internal rate of return of 17.5%.

 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.054 0.912s - 128pq - 2rq
Subscribe Now