Owner of large, open-pit mines in Nova Scotia, sold to Australian firm

HALIFAX — A massive, open-pit gold operation situated within the historic Nova Scotia mining district of Moose River has been offered to an Australian agency.

A information launch issued earlier this week says St Barbara mining has acquired Atlantic Gold Corp., with plans to boost additional capital for a potential itemizing on the Toronto Inventory Change.

Shareholders are receiving $2.90 per share for a complete fairness worth of $722 million beneath phrases of the takeover.

The corporate has been mining gold in open pit operations on the Touquoy mine and has mapped out 4 deposits in a number of the province’s long-dormant underground gold districts.

The fashionable mines differ vastly from the underground shafts which as soon as honeycombed the world, and made Moose River the world-famous website of a 1936 cave-in and rescue.

The Touquoy operation, only a 90-minute drive from Halifax, depends on big volumes of ore going by mass crushing and leaching to attract out the tiny quantities of gold.

They’re then melted into gold bars on the positioning.

The expansion of the mining in Nova Scotia close to a serious inhabitants centre and transport services has been held up as a sign that robust gold costs and lower-cost open pit operations are able to giving deserted mining areas a recent lease on life.

Nonetheless, native residents and environmental teams have expressed concern about how water saved in holding ponds will probably be handled prior to their return to native watersheds on the Japanese Shore.

The Japanese Shore Forest Watch Affiliation has argued nitrogen within the effluent — partially from the explosives — could result in unnatural enrichment of surrounding waters, resulting in potential fish kills.

As well as, the motion of ore by heavy trucking to the crushing website has generated criticism on account of noise and mud ranges.

The Canadian Environmental Evaluation Company has been inspecting the impacts of the second open pit, the Beaver Dam venture, which might have vehicles carrying ore over rural highways to Touquoy.

 

The Canadian Press

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