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Released June 26, 2015 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Rubicon Minerals Corporation (Toronto, Ontario) reports it is commissioning the mill at its Phoenix gold mine project, located in Red Lake, Ontario. The project, which is being tracked by Industrial Info, has a total investment value of $385 million.
Using low-grade mineralized material, commissioning is expected to continue through early July. Construction began in mid-2012, with completion set for this month. Production is expected to start in the third quarter of this year. Stockpiling of mill feed began in December 2014. Rubicon announced this week the project poured its first gold of about 741 ounces. The operation includes a semi-autogenous grinding (SAG) and ball mill.
SNC Lavalin Group Incorporated (Montreal) served as engineering, procurement and construction manager (EPCM) for the project, while SRK Consulting (Johannesburg, South Africa) and Soutex (Quebec) served as mining and process consultants, respectively. Other project participants included JL Richards (Ottawa) (mill general & civil engineer); BESTECH (Sudbury, Ontario) (mill electrical/automation engineer); CWA Engineers Incorporated (Vancouver) (mill mechanical/piping engineer); and Reasbeck Construction (Warrensburg, Missouri) (general contractor).
The operation will produce 456,250 tons per year of ore and an average of 165,300 ounces of gold per year for the planned 13-year life of the mine, according to the company. Rubicon reported it completed 8,023 meters of planned underground development on June 5, and plans to begin stoping on the 244-meter and 305-meter levels upon completion of commissioning.
Rubicon Chief Executive Officer Michael Lalonde said during a presentation this week that the mine is expected to produce 37,000 ounces during its first year of operations. It will ramp up to 150,000 ounces per year during the following six years, and then exceed 200,000 ounces per year in 2022-23. He added the project has secured a $50 million loan from the Canadian Pension Plan Investment Board, which will provide working capital and flexibility during the ramp-up phase of the project.
Rubicon said it controls more than 100 square miles of exploration ground in the Red Lake gold district.
The Red Lake gold district is highly prolific, Lalonde said. The area's Campbell Mine, now owned by Goldcorp Incorporated (NYSE:GG) (Vancouver) has produced more than 11 million ounces of gold since it started operations in 1949.
Industrial Info is tracking 47 gold mine projects, worth $9.86 billion, in Ontario. This includes six projects, valued at more than $2 billion, which are in the construction and engineering phases. The remaining 41 projects, valued at more than $7.7 billion, are in the planning phases, where a variety of factors could alter their timing or outcome. For related information, see June 16, 2015, article - There's Still Gold in Them Thar Hills: Industrial Info Tracks $608 Million in Third-Quarter North American Gold Mine Kickoffs.
Canada's Metals & Minerals Industry has $10.54 billion in projects set to begin construction in the second half of this year, including 19 projects valued at nearly $1.4 billion in Ontario. For related information, see June 24, 2015, article - Canada's Metals & Minerals Industry Sees $10.5 Billion in Construction Starts on Horizon for Second-Half 2015.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Using low-grade mineralized material, commissioning is expected to continue through early July. Construction began in mid-2012, with completion set for this month. Production is expected to start in the third quarter of this year. Stockpiling of mill feed began in December 2014. Rubicon announced this week the project poured its first gold of about 741 ounces. The operation includes a semi-autogenous grinding (SAG) and ball mill.
SNC Lavalin Group Incorporated (Montreal) served as engineering, procurement and construction manager (EPCM) for the project, while SRK Consulting (Johannesburg, South Africa) and Soutex (Quebec) served as mining and process consultants, respectively. Other project participants included JL Richards (Ottawa) (mill general & civil engineer); BESTECH (Sudbury, Ontario) (mill electrical/automation engineer); CWA Engineers Incorporated (Vancouver) (mill mechanical/piping engineer); and Reasbeck Construction (Warrensburg, Missouri) (general contractor).
The operation will produce 456,250 tons per year of ore and an average of 165,300 ounces of gold per year for the planned 13-year life of the mine, according to the company. Rubicon reported it completed 8,023 meters of planned underground development on June 5, and plans to begin stoping on the 244-meter and 305-meter levels upon completion of commissioning.
Rubicon Chief Executive Officer Michael Lalonde said during a presentation this week that the mine is expected to produce 37,000 ounces during its first year of operations. It will ramp up to 150,000 ounces per year during the following six years, and then exceed 200,000 ounces per year in 2022-23. He added the project has secured a $50 million loan from the Canadian Pension Plan Investment Board, which will provide working capital and flexibility during the ramp-up phase of the project.
Rubicon said it controls more than 100 square miles of exploration ground in the Red Lake gold district.
The Red Lake gold district is highly prolific, Lalonde said. The area's Campbell Mine, now owned by Goldcorp Incorporated (NYSE:GG) (Vancouver) has produced more than 11 million ounces of gold since it started operations in 1949.
Industrial Info is tracking 47 gold mine projects, worth $9.86 billion, in Ontario. This includes six projects, valued at more than $2 billion, which are in the construction and engineering phases. The remaining 41 projects, valued at more than $7.7 billion, are in the planning phases, where a variety of factors could alter their timing or outcome. For related information, see June 16, 2015, article - There's Still Gold in Them Thar Hills: Industrial Info Tracks $608 Million in Third-Quarter North American Gold Mine Kickoffs.
Canada's Metals & Minerals Industry has $10.54 billion in projects set to begin construction in the second half of this year, including 19 projects valued at nearly $1.4 billion in Ontario. For related information, see June 24, 2015, article - Canada's Metals & Minerals Industry Sees $10.5 Billion in Construction Starts on Horizon for Second-Half 2015.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
