Artemis Gold Delayed Completion Date of Blackwater Mine

The delays have resulted in escalation of initial capital costs of the project by approximately 7% to C$780-C$800 million, the press release noted.

SEATTLE (Scrap Monster): Artemis Gold Inc., based in Vancouver, Canada, has delayed the construction of its Blackwater, British Columbia, mine. The decision comes after the process control network setup took longer than expected. According to the most recent press release, the business currently anticipates finishing the wet plant's final commissioning so that ore processing via the ball mill can start. In January of this year, it anticipates pouring its first gold.

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The company's original goal was to pour its first gold by the end of 2024. However, the firm had to postpone the initial gold pour date because to many development delays, mostly caused by summertime wildfires in British Columbia. According to the news release, the project's initial capital costs have increased by about 7% to C$780-C$800 million as a result of the delays.

During the first ten years, the Blackwater mine, which is 446 kilometers northeast of Vancouver and 160 kilometers southwest of Prince George, is anticipated to yield 500,000 ounces of gold equivalent year. At an all-in sustaining cost (AISC) of $712 per ounce, this will generate around C$500 million in cash flow creation annually. Plans to increase the mine's lifespan to 23 years are also being considered.

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