Northern Ontario gold producers expecting to be busy at world's largest mining conference
CBC
Politicians, prospectors and mining executives from across northern Ontario are in Toronto this week for the world's largest mining conference.
The record prices for gold are expected to be the talk of this year's convention of the Prospectors and Developers Association of Canada.
"I think it's going to be an exciting time. I mean, these are unprecedented levels," said Mark Trevisiol, the CEO of McFarlane Lake Mining based in Sudbury.
He is looking to interest investors in the Juby gold property his company is developing near the hamlet of Gowganda, along Highway 560, about an hour's drive west of New Liskeard.
His company just purchased the property in September and says it is "one of the larger undeveloped gold properties in Ontario."
With the price of gold rapidly rising in the past year, currently trading above $5,000 US an ounce, and talk it could go as high as $7,500, Trevisiol said "money is coming in from all over the world" to look at potential gold mines in Canada.
"That's nothing but good for northern Ontario. Because we've got a lot of undeveloped assets and these are high-paying jobs for the local community," he said.
It's been almost a year since Discovery Silver purchased several gold properties in the northeast from Newmont.
The company is currently operating the Borden mine near Chapleau and Hoyle Pond in Timmins.
Mark Utting, the vice-president of investor relations, said the company is also ramping up the Pamour open pit in Timmins to full production next year, and looking at re-opening the Dome mine that closed in 2017.
He said the company mined 234,000 ounces of gold last year and if these other projects come online in the next five years, that could double, as could their northern Ontario workforce, currently around 1,200 employees and contractors.
Utting said at the convention in Toronto this week, Newmont is not actively seeking out junior mining companies with gold properties they could add to their portfolio.
"You know, you always look," he said.
"We've got a lot on our plate right now."
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Politicians, prospectors and mining executives from across northern Ontario are in Toronto this week for the world's largest mining conference.
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