TORONTO - Seabridge Gold (NYSE:SA) Inc. (TSX: SEA) (NYSE: SA), a company specializing in gold projects, has recently applied for Substantially Started Status for its KSM Project in British Columbia through its subsidiary, KSM Mining ULC. This application to the British Columbia Environment Assessment Office (BC EAO) is a strategic step to ensure the continuation of the project beyond its current Environmental Assessment Certificate (EAC) deadline of July 29, 2026.
The KSM Project, known for holding the third largest undeveloped copper resource globally as well as the largest gold resource, is seen as a significant contributor to British Columbia and Canada's shift towards a greener economy. Copper is recognized as a critical mineral in this transition.
Since Seabridge's acquisition of the KSM Project in 2001, the company has invested over $997M, with $805M spent post-EAC issuance in July 2014. More specifically, since 2021, when early construction activities began, $444M has been directed towards constructing permanent infrastructure essential for operating the planned multi-generational mine.
Rudi Fronk, the Chairman and CEO of Seabridge, highlighted the progress made at the KSM site, including the development of roads, bridges, living facilities, hydroelectric power infrastructure, and fish habitat compensation projects. He praised the local workforce, contractors, and indigenous partners for exceeding the company's expectations and acknowledged the financial support from Sprott Resource Streaming and Royalty Corp. and Ontario Teachers' Pension Plan, which provided $375M in funding.
The application is backed by support from various stakeholders, including the Nisga'a Nation, the Gitxsan Hereditary Chiefs office, BC Hydro, and municipal leaders from the region.
Seabridge Gold, with a portfolio of assets in North America, holds a 100% interest in several projects, including the KSM and Iskut projects in Northwest British Columbia's "Golden Triangle," the Courageous Lake project in the Northwest Territories, the Snowstorm project in Northern Nevada's Getchell Gold Belt, and the 3 Aces project in the Yukon Territory.
This news is based on a press release statement and does not include any endorsements of claims.
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