Mining machinery in the Rapid Advance

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Quantity:
0
Shipping Terms:
FOB
Date Posted:
2012-02-26
Expires:
2013-02-26
Status:
Expired

This RFQ is expired and is no longer accepting quotes.

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Product Details

After the deep freeze of 2008 and early 2009, new mine and project activity in Canada is heating up again.

Like their peers around the world, Canadian miners and developers responded to the financial crisis and low metals prices by closing mines, curtailing production, delaying projects and deferring exploration.

Going into 2010, however, the industry is buzzing with activity once again. In the west, Terrane Metals, in which senior miner Goldcorp holds a large stake, has announced it plans to start building its Mount Milligan copper/gold mine this year, while Taseko Mines hopes to start construction in 2010 on its Prosperity project, also in British Columbia.

A third project, Copper Mountain Mining's copper/gold operation, in British Columbia, is already under development, and will start up next year, ramping up to around 100-million pounds a year of copper.

There have also been positive sounds coming from Vancouver-based NovaGold Resources that things are starting to move more quickly on the giant Galore Creek copper/gold project, which it owns with Teck Resources.

Teck and NovaGold started building the Galore Creek project in 2007, but surprised the market in November that year by announcing that construction would be stopped because of surging capital costs.

NovaGold has indicated that a new mine plan is expected in the first quarter of this year, and says it and Teck are considering a more 'aggressive' approach.

Meanwhile, in the historical gold districts of Ontario and Quebec, new mines are starting construction and production at such a rate that companies are finding themselves competing for skilled workers.

Osisko Mining, which plans to build Canada's largest openpit gold mine, started construction on its Malartic project, in Quebec, in August last year, and is targeting first production in 2011.

Another big new gold mine, Detour Gold's Detour Lake project, in north-eastern Ontario, with its giant 8,8-million-ounce gold reserve base

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