The Canadian government has given the green light to Seabridge Gold for the licensing of the world’s largest gold project.
The largest gold project in the world has been given the nod of approval from the Canadian federal government.
Licensing for construction, operation and maintenance of the water storage facility has been granted to Seabridge Gold (TSX:SEA).
As of November 21, 2016, the company has the go-ahead for its 100-percent owned KSM project in northwestern British Columbia, which is the world’s largest underdeveloped gold-copper project, by reserves. Canada’s minister of environment approved the project back in 2014.
In a company press release, it states the license was granted for a 25-year period–authorized within the International Rivers Improvement Act (IRIA)–and will regulate all structures and activities along the US border near Alaska with the possibility of improving water quality and quantity.
According to Mining.com, the federal and provincial environmental process took almost seven years. What’s more, the project is only the second metal mine in the last five years to receive government approval.
Rudi Fronk, Seabridge Gold chairman and CEO, said the permit displays how the Canadian government continues to show support for the environmental standards incorporated into the company’s project.
“On behalf of Seabridge and its stakeholders, I would like to express our thanks to the Minister of Environment and Climate Change Canada and her technical team for reviewing and approving our permit application,” Fronk said in the release.
The first seven years of operation is expected to produce one million ounces of gold; after that, annual production is estimated at 592,000 ounces of gold, 286,000 pounds of copper and 2.8 million ounces of silver.
As demand for the yellow metal continues to grow, investors will be keen to see how the project progresses.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.