On Thursday, Industry Minister Andrew Parsons made headlines. The provincial government approved a proposed gold mine in central Newfoundland that might be the largest in Atlantic Canada and is “essential” to the province’s economy. This is the Valentine gold project approved by the provincial government.
The mine would be located south of Buchans, near Beothuk Lake, which was previously known as Red Indian Lake.
The company, Marathon Gold Corporation, plans to create 11,000 jobs in the province and employs 400 people on a yearly basis. This will generate $750 million in revenue for the province’s workers and businesses.
The initial capital investment is $305 million, and the total mine investment is $662 million. With that said, there is a hopeful estimate that the project will add $2.9 billion to the provincial GDP and $400 million to provincial coffers.
This big undertaking will benefit the entire province and central Newfoundland. As the exploration expenditures and mineral shipments reached new highs just last year in 2021, the administration understands the mining industry’s economic importance to our province and will continue to support its expansion.
Read on to learn more about the Valentine gold project in Newfoundland.
Floor-Spanning Support and Assistance
The opposition hailed the announcement last Thursday. Lloyd Parrott, a Terra Nova PC MHA, said the verdict on Thursday was good for the province.
According to Parrot, he and his caucus colleagues met with Marathon Gold personnel several times. Their drive to grow our province and become responsible corporate citizens is contagious. Job listings, website development, and the discovery of the first gold nugget are all planned activities.
Marathon Gold aims to build Valentine in Newfoundland’s heart. Jordan Brown, NDP MP for Labrador West, praised a new mining opportunity for employees and communities.
As with the changes in Labrador West, the project and any future industrial growth should use the best technologies and technology from across the world to assure job stability, add value to the resource base and global market, and safeguard the environment.
The Project and Its Special Conditions
There are various prerequisites for the project. Before construction can begin, Marathon must comply with all mitigation, monitoring, and commitments listed in the EIS and submit an environmental protection plan to the provincial government. A network of quantity, quality, climate, and groundwater monitoring stations must be installed on the building site.
A Gold Mine in Buchans Is Nearing Completion
Marathon is expected to take the responsibility of implementing, analyzing, and updating a caribou conservation and environmental monitoring strategy. According to the government, the review should take place twice a year, before each caribou migration. Marathon must also hire a full-time environmental ecologist and environmental effects monitor for all phases of the project.
The facility must operate in line with the greatest available control technology criteria, and the corporation must fund three graduate students’ studies on the project’s specific and cumulative impacts.
Conclusion
As gold mining grows, we see now that the Canadian government is overseeing its every step. This only proves that everybody must be watchful of its growth as it affects not only people or citizens but also the environment. Only time will tell how much of a positive impact the Valentine gold mining project can offer. Stay tuned.
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