Latest news with #AndrewStrelein
CBC
20-05-2025
- Business
- CBC
Gold mining company purchases parcel of land for conservation
The company behind Nova Scotia's Touquoy gold mine has purchased land on the Eastern Shore to conserve, as required by the province. Australia-based St Barbara announced Tuesday it has bought 228 hectares of ecologically sensitive land next to the Ship Harbour Long Lake wilderness area and the Tangier Grand Lake wilderness area. The parcel of land is home to water courses and wetlands of special significance and is suitable for wildlife habitat. "We are excited to move forward with this important initiative that safeguards natural areas for future generations," said Andrew Strelein, the director of St Barbara subsidiary Atlantic Mining, in a news release. Conservation required under industrial approval The Touquoy gold mine in Moose River, N.S., opened in 2017 and wrapped up active mining in January 2023. As part of the company's industrial approval, it is required to acquire and conserve other land to offset the area that has been impacted by its mining operations. The company said it issued a call for suggestions for land parcels from land trusts, community groups and the public, and received 18 proposals. The selected land was previously in the hands of a private landowner. In April, the Environment Department agreed to give the land conservation status. The company did not release the purchase price, and did not immediately respond to a request for an interview.
CBC
12-02-2025
- Business
- CBC
Australian owner of N.S. gold projects seeks to sell operations
The Australian company that ran Nova Scotia's Touquoy gold mine in Moose River, N.S., is hoping to divest itself of its Atlantic operations. St Barbara announced Wednesday it is open to a "sale, vend-in or demerger" of its assets in Nova Scotia, which include the Fifteen Mile Stream, Beaver Dam and Cochrane Hill projects, as well as the Touquoy site. Those projects are run by a subsidiary of St Barbara called Atlantic Mining Nova Scotia. The Fifteen Mile Stream, Beaver Dam and Cochrane Hill projects are still in the development phase, do not have permits and are not currently involved in provincial or federal environmental assessment processes. Active gold mining at the Touquoy site stopped in January 2023 and the company then turned its attention to processing stockpiled rock. That activity stopped in late September 2023 and no production has occurred at the site since. Project 'financially robust,' company says "The decision to separate Atlantic from St Barbara is underpinned by the opportunity to unlock the full value potential of the Atlantic projects under a Canadian listed company with a local leadership team, to focus on delivering upcoming project milestones and benefit from being closer to regulators and key stakeholders," St Barbara CEO Andrew Strelein said in a news release. "Atlantic is a highly attractive and financially robust project and has the potential to be in production within 12 months from permitting approval." Atlantic Mining declined an interview request but said in a statement there are no redundancies or layoffs resulting from the decision. Touquoy reclamation bond Any new company that takes over the operations will also take over reclamation efforts at the former Touquoy mine. Atlantic Mining has an $80-million bond with the province to cover expenses associated with bringing the site back to a natural state. The company says it has spent over $7 million so far on reclamation activities. But the reclamation process has not been without challenges. Last year, the company appealed the reclamation criteria laid out by Environment Minister Tim Halman, saying the conditions set for water quality in the lakes and rivers around the mine cannot be met, and that the timelines were unreasonable. The province rejected that appeal and the company then . St Barbara has previously called into question the future of mining in Nova Scotia, accusing the Environment Department of "regulating the [mining] industry out of existence." Atlantic Mining said in its statement that it expects the separation to occur later this year.
Reuters
12-02-2025
- Business
- Reuters
Australia's St Barbara to part ways with Canada gold operations
Feb 12 (Reuters) - Australian gold miner St Barbara ( opens new tab said on Wednesday it was planning to separate its Atlantic Gold Operations in Nova Scotia, Canada via a sale or vend-in of its assets to another party, or a demerger into a separate Canada-listed firm. The Atlantic Gold Operations include the miner's 15-Mile, Beaver Dam and Cochrane Hill projects, along with its Touquoy processing plant. In 2019, St Barbara had bought the then Toronto-listed Atlantic Gold Corp for C$722 million ($505.35 million). Advertisement · Scroll to continue After the divestment, the miner will focus on its Simberi Gold operations and the expansion of its Simberi Sulphide Project in Papua New Guinea, it said in a statement. "The decision to separate Atlantic from St Barbara is underpinned by the... potential of the Atlantic projects under a Canadian-listed company with a local leadership team... to benefit from being closer to regulators," CEO Andrew Strelein said. St Barbara had to close the Touquoy mine and put the processing plant into care and maintenance in October 2023, following a failure to obtain permits in time. Proceeds from the divestment could be distributed among shareholders or used for the Simberi Sulphide expansion, or a combination of both, the Perth-based miner said. St Barbara's shares dropped 7.3%, as of 0005 GMT, compared with a 1.4% decline in the broader gold miners' sub-index (.AXGD), opens new tab. The company expects to complete the divestment by the first half of fiscal 2026. ($1 = 1.4287 Canadian dollars)
