Seabridge Gold (TSX: SEA; NYSE: SA) has narrowed the search for a partner to help develop the $6.4-billion (C$8.8-billion) capex KSM project, British Colombia’s largest, to one preferred but undisclosed company, President and CEO Rudi Fronk said.
Seabridge has spent more than $500 million on early works and nearly $700 million overall, and expects to name the partner soon, Fronk said in a video interview with The Northern Miner’s Western Editor, Henry Lazenby, this month during the PDAC event in Toronto.
“There’s very few companies out there that have the technical, financial and social wherewithal to develop a project the scale of KSM,” Fronk said. “Our goal in a joint venture is to hang on to a meaningful interest in the project as we look for a partner that can shoulder as much of the funding as possible to curb dilution.”
The 2022 KSM preliminary feasibility study outlined a 33-year gold-copper mine using less than 20% of the known resource, averaging more than 1 million oz. gold and nearly 200 million lb. copper a year. However, Seabridge is awaiting a court ruling on a challenge to its environmental approvals and is also involved in a dispute with its neighbour, Tudor Gold (TSXV: TUD).
Watch the full interview below:
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