Yamana Gold and Agnico Eagle Approve Construction of Odyssey Mine, Canada
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Canadian Malartic Mine (CMM) said both of its partners, Yamana Gold and Agnico Eagle, have approved construction to transform the Odyssey Project into the Odyssey Mine over the coming years.
Developing the continuity of the deposit in the Canadian Malartic and Barnat pits through four main mineralized zones at depth (East Gouldie, East Malartic, Odyssey North and Odyssey South) will require an investment of approximately CAD$1.7 billion over seven years. Work on the surface infrastructure needed to mine these zones, including an exploration ramp, began in December 2020. The infrastructure is located approximately 3 kilometres east of the entrance to the Town of Malartic.
A new application to amend the decree to add the East Gouldie and East Malartic zones, among others, will be filed with the Québec Ministry of the Environment and the Fight against Climate Change (MELCC) in the coming days.
“While the process by which the government authorizes us to mine all of our mineralized zones is well underway, the announcement of our partners’ investment is a major step forward. One of Canada’s largest underground gold mining projects will come to fruition right here in Malartic. The future mine’s life is expected to extend until 2039 and operations could continue well beyond that, given the deposit’s significant potential,” said Serge Blais, CMM general manager.
The future Odyssey Mine will be accessed by a ramp and a shaft estimated to be 1,800 metres deep. Plans are to extract 19,000 tonnes of ore at an estimated grade of about 2.75 g/t gold and roughly 5,000 tonnes of waste rock per day during peak operations. The ore will be processed at CMM’s existing plant, which will eventually be adapted to the future mine’s needs.
The state-of-the-art future Odyssey Mine will feature an LTE mobile communication network, automated trucks operated from the surface, on-demand ventilation, and electric equipment and vehicles.
“Between 200 and 500 people will be working at the site of the future Odyssey Mine until 2028. It is estimated that approximately 1,500 full-time employees will be needed at the peak of operations by 2031. This is huge for the region’s economy and that of Québec,” said Blais.
About Yamana Gold
Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile, and Argentina. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
To stop by Yamana’s website, CLICK HERE
About Agnico Eagle Mines Limited
Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its operating mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these countries as well as in the United States, Sweden and Colombia. Agnico Eagle and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.
To stop by Agnico’s website, CLICK HERE
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