Skeena Gold & Silver (TSX: SKE) shares rose on Tuesday after the company secured its final regulatory approval to advance the Eskay Creek project in British Columbia.
The miner received an Environmental Management Act OK from provincial authorities, completing the permitting process and clearing the way for commercial development. The approval was issued jointly with the Tahltan Central Government and follows the B.C. Mines Act permit granted on Jan. 27 as part of a coordinated application.
Gold and silver mining at Eskay Creek is targeted to restart in the second quarter of 2027.
“We are deeply grateful to our employees, the Tahltan Nation and the regulatory authorities for their ongoing support throughout this process,” Skeena CEO Randy Reichert said in the statement. He added the company is now positioned to move toward construction.
Ex-Barrick
Shares in Skeena Gold & Silver gained 10% in pre-market trading on Tuesday in Toronto before easing to 1.9% stronger at $40.53 apiece in the afternoon, valuing the company at $4.9 billion.
Eskay Creek, a former Barrick Mining (TSX: ABX; NYSE: B) asset in B.C.’s Golden Triangle, was once considered the world’s highest-grade gold mine. A 2023 feasibility study outlined an estimated 12-year mine life with average annual production of 320,000 gold-equivalent oz., including 455,000 oz. of gold over the first five years.
The project is expected to generate about 1,000 jobs during peak construction and more than 770 jobs at peak operations, with projected capital spending of $713 million (US$ and about $1.2 billion in provincial revenues.
Under the project’s environmental assessment certificate, substantial construction must begin by 2036.
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