The Red Chris Mine is an operating open pit mine producing gold, copper and silver, and is located on the northern edge of the Skeena Mountains, approximately 1,700 kilometres north of Vancouver and 18 kilometres southeast of the town of Iskut in British Columbia, Canada. The mine is owned and operated by a joint venture (the “Red Chris JV”), which is owned 70% by Newcrest Mining Ltd. (“Newcrest”) and 30% by Imperial Metals Corporation, in which Newcrest is the operator. Newcrest acquired its interest in the Red Chris Mine in August 2019.
Since Newcrest acquired its interest, the Red Chris JV has undertaken a work program consisting of additional exploration and resource definition drilling, resource optimization for both open pit and underground mining scenarios, advancing a Pre-Feasibility Study (“PFS”) to define a high value optimum plan to develop an underground mine, and numerous upgrades to the camp, maintenance workshops and other facilities in readiness for operation of a long-life block cave operation. Newcrest expects to release the PFS by the end of September 2021, and an initial ore reserve estimate within the same timeframe.
Newcrest announced an initial mineral resource estimate for the Red Chris Mine on March 31, 2021, which included total mineralized material of approximately 1.2 billion tonnes containing approximately 14.9 million ounces of gold and 4.3 million tonnes of copper.
Royal Gold owns a 1.0% net smelter return royalty on all metals produced from an area covering approximately 5,100 hectares which includes the currently known mineralization and prospective exploration areas of the Red Chris Mine. Royal Gold acquired the royalty on August 11, 2021 from Glencore Canada Corporation, a wholly owned subsidiary of Glencore International AG, for $165 million in cash.
Royalty payments are made annually within 90 days of the end of the calendar year, and Royal Gold is entitled to the full royalty payment for calendar 2021.
- Operator Website
- Technical Report
- Mine Tour Presentation
- ESG Information