Operators of two Northwestern mines weighed in on the economic value of mining gold and gave a comprehensive view of the industry with a focus on job creation during the Prosperity Northwest Conference this week.
Andrew Cormier, chief operating officer for Orla Mining, said gold is increasingly seen as a critical asset, fuelling investment, innovation and job creation in the region.
“Being in the gold industry, we’re generally bullish on the price of gold,” he said at the conference in Thunder Bay.
“We feel that there’s still an increased value for it,” Cormier said. “Gold, traditionally, is a hedge against uncertainty and paper currency. The world still has some uncertainty in it, but there’ll always be a place for gold in the currency markets.”
Cormier called Orla Mining a “new entry” into the Northwestern region, having just acquired the Musselwhite Mine from Newmont.
“This was a strategic asset for us,” he said.
“The current mine only has seven years of mine life, but we saw a great geologic resource, which we think is the fundamental asset for any mining operation — you have to have the belief that the mineralization is in the ground.”
He added Orla Mining saw a “fantastic workforce.”
Cormier said they want to invest in the north and look at an exploration program to grow the mine life and extend it beyond the seven years.
He added that once they’re able to do that, they’ll look at economic investment to increase the capacity of the mine but to do that, they need to hire more people.
“Prior to the close of the transaction, we are identifying all of the additional positions that we’re going to need here in Northwestern Ontario,” he said, adding the acquisition of the mine will immediately bring jobs to the region.
James Maxwell, the vice-president of exploration and project operations with First Mining Gold, said they understand the great history of gold mining in Northern Ontario, and see the area as a large production centre across Canada and the world.
“Mining of gold in Ontario is shaping the future of mining and the local economy through innovation, collaboration and the embracing of new technologies, some of which have direct and indirect applications and overflow to the advancement of critical minerals opportunities across the region,” Maxwell said.
“The efforts of responsible mining today are important in providing local training and employment, regional procurement and services provision, environmental stewardship and play an important role in the path of reconciliation.”
As First Mining Gold seeks to take on its first producing mine in this region, they have many opportunities in their portfolio, the most advanced of which is the Spring Pole Gold Project currently undergoing the federal and provincial environmental assessment process.
Maxwell said they believe First Mining Gold has an opportunity to participate in a “great gold-endowed region” to develop what could be the next gold-producing mine for Northern Ontario.
“Ensuring that we have a healthy workforce is an important need of our operation and we’re going to have one that has more of a growth model,” he said.
“We’re going from a development vision into a potential construction and producing environment so there’s going to be an important trajectory of an ability to attract and retain the skilled workers that we need to be successful in building the Spring Pole project and operating it.”
Maxwell added that they will be looking to the region to not only make investments but also take advantage of the existing opportunities in workforce readiness.