Published: September 13, 2022 |

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Artemis Gold has finalized a C$318 million ($244.7 million) engineering, procurement, construction, and commissioning (EPC) contract pertaining to its Blackwater Gold project in British Columbia, Canada to the CIMIC Group’s Sedgman.

Under the terms of the contract, Sedgman will design and build the processing and non-processing facilities for a carbon in leach gold plant, which will have a capacity of six million tonnes per annum.

“Sedgman and Artemis have already commenced initial design and procurement work at the project, helping Artemis to unlock the value of this key gold project and work towards its first gold pour in 2024,” said CIMIC Group Executive Chairman Juan Santamaria.

According to Artemis Gold, major works preparations and construction mobilization for the Blackwater Gold project are expected to begin in the first quarter of 2023.

The Canadian gold development company said that the bulk earthworks for the processing plant are slated to be completed before commencing the major works.

The commissioning activities of the processing facility are anticipated to start in the first half of 2024 and the first gold pour is targeted for Q3 2024, said the company.

“The execution of the EPC Contract for the process plant and associated infrastructure at this price is a very significant achievement by our team in the current economic environment,” said Artemis Gold Chairman and CEO Steven Dean.

“Since we announced the award of the EPC to Sedgman, Sedgman has secured selected long-lead time equipment for Blackwater and progressed detailed engineering, whilst further refining quantities of structural steel/platework and piping requirements with the Artemis execution team,” added Dean.

To further improve risk management of the total capital expenditure for the Blackwater gold project, Artemis Gold will continue assessing the potential of awarding additional construction packages under an EPC agreement type structure.

Estimated to involve an initial development capital of C$592 million ($455.5 million), the Canadian gold project secured a C$360 million ($277 million) project loan facility earlier this year.

Source: NS Energy

About Artemis Gold
Artemis Gold Inc., a gold development company, focuses on the identification, acquisition, and development of gold properties. The company’s asset portfolio includes a 32.3 percent equity interests in Velocity Minerals Ltd. that focuses on acquiring, exploring, and evaluating mineral resource properties in Bulgaria. It also holds interest in the Blackwater Gold Project located in central British Columbia. Artemis Gold Inc. was incorporated in 2019 and is headquartered in Vancouver, Canada.

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