Coeur Acquires Silvertip Mine in British Columbia
Coeur Mining will acquire privately owned JDS Silver Holdings Ltd. and its wholly-owned subsidiary, JDS Silver Inc., which owns the high-grade silver-zinc-lead Silvertip mine located in northern British Columbia, Canada, adding a sixth producing mine to Coeur’s North American-focused platform. Under the terms of the agreement, Coeur will pay an initial consideration of $200 million, consisting of $146.5 million in cash, $38.5 million of Coeur shares (approximately 4.3 million new shares) and will assume $15 million in existing debt. Additional potential payments of up to $50 million are contingent upon achieving specific future permitting and exploration milestones at Silvertip.
Pure Gold PEA Advances the Madsen Gold Project
Pure Gold Mining has reported the results of a positive preliminary economic assessment (PEA) of its high-grade Madsen gold project in the Red Lake mining district of Ontario. The PEA is based on an updated resource estimate and describes a robust 14-year underground mining operation with highly attractive economics at base-case metal prices.
Minnesota Releases Dam Safety Permits for PolyMet
The Minnesota Department of Natural Resources (DNR) released two draft dam safety permits and a public waters work permit for public review and comment. These are two of the major permits Polymet Mining needed to build and operate its NorthMet copper-nickel-precious metals project in northeastern Minnesota. The draft public waters work permit is required for a culvert extension to widen Dunka Road, the connecting road between the plant and mine site.
MSHA Proposes Changes to Workplace Examination Rules
The U.S. Mine Safety and Health Administration (MSHA) published two proposed rules in the Federal Register that would change the final rule on examinations of working places in metal and nonmetal (M/NM) mines that was published on January 23. The first proposed rule would make limited changes to the final rule, according to MSHA. It would require that an examination of the working place be conducted before work begins or as miners begin work in that place, and that the examination record include descriptions of adverse conditions that are not corrected promptly and the dates of corrective action for these conditions. It would provide mine operators additional flexibility in managing their safety and health programs and reduce regulatory burdens without reducing the protections afforded miners. The proposed rule would continue to permit mine operators with consecutive shifts or those that operate on a 24-hour, 365-day basis to conduct an examination on the previous shift.