Marathon Gold Corp (TSX: MOZ) has formally filed its environmental impact statement for the proposed Valentine Gold project, located in central Newfoundland. The impact statement has submitted to both the federal and provincial regulators for assessment.
Now, over a 30 day period the Impact Assessment Agency of Canada (IAAC) will assess the statement for conformity with federal guidelines that were issued last year. Similarly, the provincial body responsible has also agreed to conduct an initial review during this time frame. Once it is approved as conforming to requirements, the statement will then be formally for provincial and federal technical review processes.
The overall technical review period is expected to take roughly twelve months. Should approval be granted, then permitting will be required to be obtained from the proper governmental bodies for site specific construction that needs to occur to build the mine.
Sponsored · Selkirk Copper Mines
The environmental assessment covers fifteen total areas of study, from environmental impact to vegetation and natural habitats, to that of the regional and provincial economies. From this, Marathon highlighted several points within the news release related to benefits to the local communities:
- 19,000 person years of employment are expected to be created from the mine, of which 11,000 will be in Newfoundland. This includes both direct and indirect employment.
- Average employment of 1,300 persons a year, of which 725 are estimated to be in Newfoundland.
- $1.3 billion in income generation for workers and businesses in Canada, of which $0.75 billion is in province.
- $3.6 billion contribution to Canada’s GDP
- Estimated $292 million in federal revenue contribution
- $400 million in incremental revenues to the provincial government
Further, the assessment was based on gold having a price of US$1,350 per ounce, a figure far below current levels. As a result, further income generation can potentially be expected.
Marathon Gold last traded at $2.34 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.
