Pretium Resources (NYSE:PVG) says it will move forward with development of its Brucejack project in British Columbia after securing a $540M financing package from Orion Mine Finance Group and Blackstone Tactical Opportunities.
PVG says the financing, which provides for immediate access to $340M at closing, will fund a substantial portion of the costs to develop an underground mine at Brucejack.
PVG says it has received all major regulatory permits required to begin development work.
Pretium Resources (NYSE:PVG) appoints Robert Quartermain as its Chairman and CEO in one of several senior management changes as it positions for the advance of the Brucejack Project in British Columbia to development.
Quartermain founded PVG and led the company from its 2010 IPO.
Pretium Resources (PVG +4%) and the Nisga'a Nation sign a cooperation and benefits agreement for the miner's Brucejack project in British Columbia, with the Nisga'a agreeing to support development in return for money, training, education and jobs and contracting opportunities tied to the project.
The Brucejack project is not within core Nisga'a lands but portions are within the territory over which the Nisga'a have rights and interests as set out in a 2000 land claims treaty.
Last week, PVG received provincial environmental approval for the project.
Pretium Resources (NYSE:PVG) says its proposed Brucejack underground gold and silver mine has earned an environmental assessment certificate from British Columbia's mining regulator, but with 15 conditions related to construction, operation and decommissioning.
Among other stipulations, B.C. says construction of the mine can begin only when regulators are sure that discharges from water treatment plants will not harm the Unuk River.
PVG has estimated the mine will cost C$450M and take two years to build, and should produce up to 2,700 metric tons/day of ore.
The Obama administration reportedly plans to require the oil and gas industry to cut methane emissions by as much as 45% over the next decade, with the EPA expected to issue proposed regulations this summer and final regulations by 2016.
The proposal would be a victory for environmental groups that have lobbied the administration to force the oil and gas industry to cut emissions of methane, a powerful greenhouse gas tied to climate change.