This episode of the Insights Podcast features an exclusive conversation with veteran miner Kevin Bullock, the CEO of NexGold, the mining company that is close to making a final decision to develop a gold mine near Goldboro in Guysborough County, Nova Scotia.
There are 1.15 million ounces of proven and probable gold reserves at the Goldboro site that will be open-pit mined. Based on current reserves, the company expects to mine 100,000 ounces per year for at least 11 years, with the expectation that the mine’s life will be considerably longer with further exploration. The construction of the mine will cost between $400 and $450 million, take two years to complete, and create more than 300 direct construction jobs.
Once operational, more than 200 full-time employees will work at the mine. At today’s gold prices ($4,800 US an ounce), the mine is expected to contribute more than $600 million (in Canadian dollars) to the province’s exports over its current expected life span.
The company has the financing in place to complete the construction phase and will make a final decision to proceed towards the end of the summer, and may begin construction later this year.
The project will generate more than half a billion dollars in tax revenue over its life, with 60% accruing to the provincial government. Mining jobs are high-paying and create many opportunities for local suppliers.
