Gold exploration and mine developer O3 Mining, an Osisko Group company, has taken a major step forward in the environmental permitting of the Marban Engineering project, in Quebec, having filed the initial project description and the project notice on federal and provincial levels.
The project will require approval by both levels of government through the environmental and social impact assessments (ESIA) process stipulated by the local regulations.
The ESIA will determine the environmental, social and economic impacts of the Marban Engineering project. As part of this process, both governments will consult with a broad range of stakeholders including host communities, indigenous communities, nongovernmental organizations and others.
“We believe that the rigorous regulatory framework in place in Québec and Canada enables the construction and operation of mines with the highest environmental and social standards in the world. Reaching zero impact is impossible but building a mine responsibly and minimizing its impact is essential.
"Our extensive work upstream to filing the Marban project with the governmental authorities is a testament to our commitment to ESG,” said O3 president and CEO Jose Vizquerra.
The Marban project will produce an average of 161 000 oz/y of gold. The September 2022 prefeasibility study calculated a net present value, using a 5% discount, of C$423-million and an unlevered internal rate of return of 23.2%.