Van Sun says NovaGold, Teck begin Galore Creek study
2010-04-21 09:04 ET - In the News
Also In the News (C-TCK) Teck Resources Ltd
The Vancouver Sun reports in its Wednesday edition that NovaGold and Teck Resources have begun a prefeasibility study on their Galore Creek gold-copper joint venture in Northern British Columbia. The unbylined item says the announcement signals that the high-priced project is once again moving forward. Development of the project was put on hold in late 2007, when construction cost estimates more than doubled to about $5-billion. The companies -- which each own half of Galore -- have since been looking for ways to cut costs on the project. In a statement, Vancouver-based NovaGold said the study will be released in the first half of 2011, and will include capital cost estimates using updated metals prices and a new construction timeline. NovaGold said changes to the project will include relocation of the milling and tailings facilities -- the initial location of the tailings dam was a major cost of the initial overrun -- and a potential increase of daily through put to 90,000 tonnes a day. Additionally, the project will use mainly electric power, with a power line built along an access road to tie into a larger transmission line that the B.C. and Canadian governments have pledged to build.
