Newmont Corporation (TSE: NGT) (NYSE: NEM) (FRA: NMM) has secured key regulatory approvals for the Red Chris mine expansion in northwestern British Columbia, clearing the way for a transition to underground mining and extending the operation’s lifespan into the mid-2040s.
The approvals allow the company to move forward with plans to convert Red Chris from an open-pit mine to a block cave operation. Consequently, Newmont can continue advancing the project toward a final investment decision expected later this year.
Newmont operates the mine through a joint venture with Imperial Metals Corporation (TSE: III), which holds a 30 per cent stake.
British Columbia approved both an amended Environmental Assessment Certificate and an amended Mines Act permit. Additionally, the approvals followed a consent-based process involving the Tahltan Nation.
The Red Chris copper-gold deposit sits within British Columbia’s Golden Triangle mining district. The project contains an estimated 20 million ounces of gold and 13 billion pounds of copper across measured, indicated and inferred resources.
Newmont said the newly approved development represents only the first phase of a much larger mineral system. Furthermore, the company believes the deposit could support mining activities for decades beyond the currently permitted timeline.
Chief executive Natascha Viljoen said northwestern British Columbia continues attracting major mining investment because of its mineral resources, hydroelectric power, port access and support from governments and Indigenous communities.
She also said the company worked closely with the Tahltan Nation throughout the approval process and remains committed to responsible resource development.
The project became part of Newmont’s portfolio after the company acquired Newcrest Mining in a USD$17 billion transaction in 2023.
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Premier David Eby welcomed the approvals
Additionally, that acquisition added the Brucejack mine and increased Newmont’s exposure to copper production in Canada.
Newmont has since identified British Columbia’s northwest as a long-term operating region. The area hosts several major copper and gold deposits and has attracted growing investment from mining companies.
British Columbia Premier David Eby welcomed the approvals and said the project demonstrates continued confidence in the province’s mining sector.
He added that the expansion is expected to create employment opportunities while generating economic benefits for communities throughout the province. Meanwhile, the project is also expected to provide lasting advantages for the Tahltan Nation.
According to the Mining Association of British Columbia, the development will require several billion dollars in capital investment.
Association president and chief executive officer Michael Goehring said the project should create more than 1,800 construction jobs and support roughly 1,500 operating positions through at least 2040.
He also noted that Red Chris marks the seventh major mine or mine extension approved in British Columbia during the past 18 months. However, he urged the provincial government to continue improving permitting timelines for future projects.
Newmont is currently completing a definitive feasibility study and detailed cost estimate for the underground expansion. Subsequently, the company will use that work to support its final investment decision.
The company estimates the project will create more than 1,800 construction jobs and sustain approximately 1,500 peak-season operating roles. Furthermore, Newmont expects the expansion to increase Canada’s copper production by about 15 per cent.
