Seabridge Gold's (TSX:SEA) KSM Project Receives "Substantially Started" Designation

2 min read | July 29, 2024 02:31 AM EDT | By Team Kalkine Media

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Seabridge Gold's (TSX:SEA) KSM Project Receives — Image source: Shutterstock

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Seabridge Gold (TSX:SEA) (NYSE:SA) announced that its wholly owned subsidiary, KSM Mining ULC ("KSM Co"), has been granted the "substantially started" designation from the British Columbia (BC) Government for its KSM Project. This significant milestone secures the validity of the BC Environmental Assessment Certificate (EAC) for the rest of the life of the project.

Under the BC Environmental Assessment Act, a project's EAC expires if the project has not been substantially started by the specified deadline. For the KSM Project, this deadline was set for July 29, 2026. However, with the "substantially started" designation, the BC Minister of Environment and Climate Change Strategy has affirmed that the project is sufficiently underway, effectively removing the expiration risk of the EAC.

Significant Investments and Project Development

Since acquiring the KSM Project in 2001, Seabridge has invested over $1 billion, with more than $800 million spent on advancing the project post-EAC issuance in July 2014. This substantial investment reflects Seabridge's commitment to developing the KSM Project, one of the world's largest undeveloped gold-copper projects. The project includes several large-scale deposits, making it a key asset in Seabridge's portfolio.

Implications and Future Prospects

The "substantially started" designation is a crucial step forward for the KSM Project, ensuring long-term environmental approval and allowing Seabridge to proceed with further development without concerns of EAC expiry. This milestone not only validates the substantial progress made to date but also positions the project for continued advancement and potential future production.

With significant resources and a strategic location in British Columbia, the KSM Project is expected to be a major contributor to Seabridge's growth and value creation. The company continues to focus on responsible development and exploration, aiming to unlock the full potential of its extensive portfolio of gold and copper assets.

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