St Barbara (ASX:SBM) has received approval to restart processing at the Touquoy Project in Nova Scotia, Canada from the local Department of Environment and Climate Change.
The Touquoy Restart is expected to begin ore processing by the end of 2026, after the company received C$2.9 million ($2.98 million) in early commitments in February to accelerate refurbishment activities.
The operating cash flow is expected to be C$118 million, under the sale terms of US$4,000 per ounce of gold for a 13-month period, returning over 38,000 ounces from 3 million tonnes of stockpiles graded at 0.4 grams per tonne.
The restart is expected to return C$11.4 million of initial capital, with an all-in sustaining cost average estimated at $2,458 per ounce.
St Barbara is introducing 197 direct, indirect, and induced jobs from operating the Touquoy mine.
The company has signed a cooperation agreement with Nova Scotia and Canada to create a ‘one project, one review’ process to streamline environmental and impact assessments at Touquoy. The agreement was signed by Canadian Prime Minister Mark Carney and Nova Scotia Premier Tim Houston.
St Barbara CEO Andrew Strelein says the company is pleased to have been approved to restart Touquoy, following the industrial approval permit conditions required.
“This approval has been received within the province’s target timeframe for approvals, and demonstrates the constructive engagement and sense of urgency of the new large infrastructure file team within the Department of Environment and Climate Change,” Strelein says.
“We thank the Premier of Nova Scotia, the honourable Tim Houston, the Minister for Environment the honourable Mr Tim Halman, the Minister for Natural Resources the Honourable Kim Masland, the Minister for Finance the Honourable John Lohr, the Department of Natural Resources and Renewables and the Department of Environment and Climate Change for their remarkable transformation of the permitting environment for resource development in Nova Scotia.
“This will be a big confidence boost to the industry.”
St Barbara is an Australian development company with projects in Papua New Guinea and Nova Scotia, Canada.
Write to Maddison Elliott at Mining.com.au
Images: St Barbara
