Newmont prices Red Chris expansion at up to $4.8B
The project in British Columbia would produce an annual average of 275,000–325,000 oz. gold and 65,000–85,000 tonnes copper from 2035 through 2040.
Newmont has priced the expansion of its Red Chris copper-gold mine in British Columbia at a potential $4.8 billion, with commercial production expected to begin in 2033. The project, located 1,030 km northwest of Vancouver, is expected to produce between 275,000 and 325,000 ounces of gold and 65,000 and 85,000 tonnes of copper annually from 2035 to 2040.
Newmont owns 70% of the mine, with operations shared with Imperial Metals. The company's president and CEO, Natascha Viljoen, highlighted that the cave has been expanded and oriented to avoid intersecting major fault lines. The investment required for the project is estimated at $4.2 billion to $4.8 billion, including a potential $500 million federal contribution, and excluding the cost of transitioning from open-pit to underground mining.
Despite the higher capital expenditures, Newmont's estimates surpass Scotiabank's previous earnings forecast. Construction is anticipated to commence in 2027, pending board approvals.
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