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Thursday, 24th May 2007 (3099 views)

A total of $2 billion (£1 billion) is to be raised between NovaGold Resources and Teck Cominco in order to put towards the building of the Galore Creek project in British Columbia.

Each of the two parties will hold a 50 per cent interest in the Galore Creek project and the investment will target one of the world's largest undeveloped gold and copper projects.

Rick Van Nieuwenhuyse, NovaGold's president and chief executive officer, has declared his joy at the link-up between his firm and Teck Cominco and also mentioned that the investment would be of benefit to the people of British Columbia.

He added: "NovaGold chose Teck Cominco as its partner not just because of Teck's size and expertise but also because of its corporate culture and a shared commitment to responsible mining."

As many as 1,000 jobs could be created as a result of the construction work and production is planned to begin in 2012.

Reserves at the site are 'significant' with the mine expected to yield some 341,000 ounces of gold on an annual basis along with 432 million pounds of copper and four million ounces of silver, for Galore Creek's initial five years of production.

 

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