Loading ...Shares in Pretium Resources Inc (TSE:PVG) enjoyed a nice bump on Friday after the company received final provincial and federal approval for its Brucejack mine in northwest British Columbia.
By the close the Vancouver-based company was trading at $6.53, up 4.5% on the Toronto Stock Exchange, down from a 7.5% advance shortly after the opening of trading.
A higher than usual 346,000 shares in the $865 million company changed hands on the day.
With all necessary federal approvals, a provincial environmental assessment certificate and Mines Act permit now in place, construction of the new Brucejack mine is expected to get underway in 2015, the BC mines ministry said in a statement on Friday.
Pretium pegs capital expenditure for the Brucejack underground operation located about 65 km northwest of Stewart at just less than $750 million with targeted commercial production in 2017. The company received a $81 million investment from China’s Zijin Mining in December for a stake just shy of 10%.
more http://www.mining.com/final-permit-for-new-750m-bc-gold-mine/