A new gold mine in Guysborough County, which is expected to create 735 new jobs and contribute $2.1 billion to Nova Scotia’s Gross Domestic Product received its industrial approval today from the province.
The approval comes after seven years of consultation and study. Work on the Goldboro gold mine, owned by NexGold Mining Corporation is expected to start next year.
The project is also expected to generate $1.1 billion in direct and indirect household income in the province over 15 years as well as about $528 million in tax revenue; $274 million provincial, $44 million municipal and $209 million federal.
Gold Ore
The company also has benefits agreements with the Municipality of the District of Guysborough and the Assembly of Nova Scotia Mi’kmaw Chiefs.
Industrial approvals regulate the daily operation of certain types of projects or facilities and have terms and conditions that companies must comply with to safeguard the environment. NexGold’s industrial approval has stringent terms and conditions.
Company C-E-O Kevin Bullock says NexGold anticipates it will receive federal approval within the next 90 days. After that, Bullock says project financing will then have to be secured before work can begin by mid to late next year.