Construction of Blackwater Mine was roughly 20 per cent complete as of May 31, and is expected to begin production in 2024.
On Thursday, Artemis Gold announced a partnership with Wheaton Precious Metals Corp. to invest an additional $40 million US into the Blackwater Mine.
“Artemis Gold Inc. …announces that as a result of internal engineering analysis, it has committed to additional investments as part of its Phase 1 development of the Blackwater Mine… in order to facilitate the potential fast-tracking of the Phase 2 expansion,” a statement issued by Artemis on Thursday said. “These investments in the Phase 1 initial capital are expected to allow the Company to further optimize throughput in the early years of operation.
The funding will be used to increase the conveyor belt widths in the crushing circuit, electrical upgrades, upsizing the oxygen plant and other investments aimed at facilitating construction of Phase 2 of the mine.
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