Marathon Gold (TSX: MOZ) this morning announced that it has signed cooperation agreements with six Newfoundland communities that are within proximity to the firms flagship Valentine Gold project. The agreements were viewed as a necessity in terms of receiving local support for the proposed production facility, with the agreements viewed as providing meaningful engagement with local stakeholders.
The agreements are stated to identify the interest of the communities in terms of employment opportunities, community investment, environmental concerns and business opportunities. Further, the agreements are stated to prioritize local economic development, employment and community well-being.
The Valentine Gold project is significant for the region, with the project slated to be Atlantic Canada’s largest gold development project. A pre-feasibility study released earlier this year outlined that the facility is anticipated to provide over 19,000 person years of employment over the life of the facility, of which 11,000 are in Newfoundland. This includes the average annual employment of 725 people in the region, while generating $0.75 billion worth of income to workers and businesses in Newfoundland.
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The project is also estimated to commit $2.9 billion to Newfoundland’s GDP, while generating $27 million in annual incremental revenues to the treasury of the province, demonstrating the massive impact resource-based operations can have on a community as well as a province as a whole.
Construction at the project is currently anticipated to commence in 2022.
Marathon Gold last traded at $2.83 on the TSX.
Information for this briefing was found via Sedar and Marathon Gold. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
