World's largest gold miner puts $38 million bet on new Idaho project
Now that the largest gold mining company in the world has bought a 20 percent stake in Midas Gold, the Idaho operation has the capital it needs to finish permitting its Stibnite mining project near McCall.
Barrick Gold invested $38 million in the Canadian company whose Idaho subsidiary is proposing to do both mining and restoration on the East Fork of the South Fork of the Salmon River.
Laurel Sayer, president and CEO of Midas Gold Idaho, said the new partnership will "help make the Stibnite Gold Project a reality and get us across the finish lines of permitting and feasibility."
Midas is working with the U.S. Forest Service and other agencies on the 50 permits it will need for the gold and antimony mine in the historic mining district. It hopes to complete the process and get a permit by the end of 2019 and invest $1 billion in the project. The company predicts it will create 1,000 jobs, and an annual direct and indirect payroll of $55 million.
Read more here: http://www.idahostatesman.com/news/local/environment/article210792939.html
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