U.S. firm signs deal to explore closed New Brunswick mine
New Brunswick's provincial government has signed a deal with U.S.-based Regeneration Enterprises to explore extracting minerals from the Nigadoo mine site, a long-closed mining location in northern New Brunswick. Regeneration Enterprises plans to fund the environmental clean-up of the mine using revenue generated from selling the extracted metals. The company will not seek provincial funding at any stage of the project.
Michael McPhie, the managing director of Regeneration Enterprises, emphasized that the project will save taxpayer dollars as his company will take over the degrading site from the provincial government. The New Brunswick Natural Resources Minister, John Herron, expressed optimism that the project will convert a decades-long liability into new investment, employment opportunities, and a cleaner site.
The mine, which began operations in 1956, was permanently closed in 1977 following repeated closures. McPhie mentioned that potential metals to be extracted from the abandoned site include zinc, lead, germanium, gallium, indium, silver, and copper. A crew from the company is expected to visit the site in the coming days to conduct tests on the feasibility of the project, with results anticipated within one year. Production could commence within two to three years.
The New Brunswick government is anticipated to make additional mining-related announcements at a conference on Tuesday.
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