PRECIOUS METALS

Midas closer to Stibnite permitting

The US Forest Service (USFS) has published a draft environmental impact statement (DEIS) for Midas Gold’s Stibnite gold-silver-antimony-tungsten project in Idaho, USA.

Midas Gold's Stibnite project in Idaho has received a draft environmental impact assessment from the US Forest Service

Midas Gold's Stibnite project in Idaho has received a draft environmental impact assessment from the US Forest Service

The move opens a 60-day public comment period on the proposed scope of the project before the USFS completes and issues the final EIS and draft record of decision.

"We are one step closer to recognising the full benefits of the Stibnite gold project," said Midas CEO Stephen Quin.

He underlined the project design took a holistic approach to restore habitat and mitigate historical wastewater issues from the brownfields site, while reactivating a local economic dynamo.

Haywood Capital Markets analyst Geordie Mark said the development was a "significant de-risking step".

"We view today's permitting update as a significant de-risking step that now facilitates the tabling of a project feasibility study by year-end, which we expect to be followed by the issuance of the final EIS and draft record of decision expected in Q1/21, and the delivery of the final RoD estimated in Q3/21," Mark said.

Stibnite's proposed redevelopment and restoration is subject to a 15-day extension of the legally required 45-day comment period. Comments on the draft EIS are due by October 13.

A 2014 pre-feasibility study on Stibnite, as amended in 2019, pegged the initial capex outlay at US$1.25 billion to produce 337,000oz gold per annum, at all-in sustaining costs of $506/oz over the initial 12-year mine life.

Haywood reiterated a ‘buy' rating and a C$3 target price.

Shares in Midas (TSX:MAX) recently achieved a new 12-month high in Toronto at C$2.04, trading at $1.88 on Friday.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.