The Blackwater Mine, 160 kilometres southwest of Prince George is undergoing an expansion.
Today (Tuesday), Artemis Gold announced the expanded Phase 2 development at the facility.
The company says the expansion will be completed at a cost of 1.44 billion dollars.
Artemis says the expansion will represent a significant addition from an expected 8 million tonnes before the end of next year to 21 million tonnes prior to the end of 2028.
Once Phase 2 is in production, the Blackwater Mine is expected to produce an average of 500 thousand to 525 thousand ounces of gold for the first 10 years, which would make it into one of the three largest single gold mines in Canada.
Early works is set to begin in January with major construction slated for the third quarter of 2026, spanning two years.
Peak construction is expected to generate 1,500 direct jobs. Once done, the Blackwater Mine will employ 1,200 employees and contractors.
“The Blackwater Mine is a world-class, large-scale asset in a tier-one mining jurisdiction that is delivering low-cost production and strong cash flows. Our consistent long-term vision for the Blackwater Mine has been to grow low-cost production to at least 500,000 gold ounces per year through staged, capital-efficient expansions funded primarily by cash flow from operations. EP2 delivers on our long-term vision and now is an opportune time to embark on this next phase of growth. We have a strong and experienced team in place who successfully delivered Phase 1, and we have strong cash flows and a solid balance sheet that will allow us to build EP2 without diluting our equity holders.”
“We look forward to continuing to work collaboratively with our Indigenous partners, local communities and the provincial and federal governments to responsibly develop the Blackwater Mine. EP2 will expand the Blackwater Mine to be one of the largest gold mines in Canada and will generate significant economic and other community benefits for many years to come.”
The mine life is expected to be through to 2043, with the final five years of processing from stockpiles.
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