Business
Artemis Gold Announces Results from Blackwater Economic Impact Study
457 direct jobs created - Life of mine operations 825 direct jobs created during construction/expansion phases $13.2 billion in value added in B.C. - LIFE OF MI
About this update from Artemis Gold Inc
[{"type":"text","content":" 457 direct jobs created - Life of mine operations 825 direct jobs created during construction/expansion phases $13.2 billion in value added in B.C. - LIFE OF MINE $2.3 billion in Provincial Government Revenues – life of mine All amounts are in Canadian Dollars unless otherwise noted VANCOUVER, BC, Nov. 5, 2020 /CNW/ - ARTEMIS GOLD INC. (TSXV: ARTG) (\"Artemis\" or the \"Company\") is pleased to announce the results of an Economic Impact Study (the \"Study\") conducted on the company's Blackwater Gold project in Central British Columbia, Canada (\"Blackwater\" or the \"Project\"). The Company engaged KPMG to produce the Study to be used to measure the updated economic benefits of the staged approach to the development of the Project. The Study focuses on job creation, fiscal revenues, and overall economic wealth creation for the regions within and surrounding the Project, the Province and for Canada. The statistics produced in the Study are based on the base case scenario of the three-phased development of the Project as reported in the Company's Pre-Feasibility Study (\"PFS\") dated August 26, 2020 entitled \"Blackwater Gold Project British Columbia NI 43-101 Technical Report on Pre-Feasibility Study\" over a minimum 23 year mine life. The base case assumes: Initial development capital of $592 million to build a 5.5 million tonne per year mine (years 1-5) $426 million in capital costs to expand to 12 million tonnes per year (years 6-10) $398 million in capital costs to expand to 20 million tonnes per year (years 11-23) The selected B.C. regions within the Study included the Bulkley-Nechako, Fraser-Fort George and Cariboo. With a total capital investment of $1.5 billion (initial and expansion capital), Blackwater would be one of the largest capital investments for the region in the last ten years. The tables below provide a summary of the economic impact on the regions, the province and on government revenues: Table 1: Summary of total economic impact (direct, indirect and induced) on British Columbia stemming from construction and operating activities of the Blackwater Mining Project1 Over the LOM, in M$ and person-years, total and annual average British Columbia Total Annual Average2 Overall construction activities would last 5 years (2 years initial phase followed by 2 expansion phases (15-18 months ...