N.B. seeking interest in Lake George antimony mine development
The provincial government is seeking private sector investment in the development of the former Lake George mine site, located 30 kilometres southwest of the capital.
The antimony treasure chest known as Lake George was once North America’s largest primary antimony mine and contains nearly 800,000 tonnes of antimony-bearing ore, according to a historical technical report referenced by the Department of Natural Resources in a release.
Current prices set for antimony, designated as a critical mineral, are around $22 per pound. The Lake George mine site could contain between $933 million and $1.05 billion. The site could also contain tungsten and molybdenum, two other sought-after minerals.
Natural Resources Minister John Herron said the need for critical minerals has never been greater than in today’s economic and geopolitical climate.
“New Brunswick is well-positioned to meet that demand by attracting investment, supporting responsible development, and strengthening partnerships with Indigenous communities to create long-term economic benefits for New Brunswickers,” said Herron.
The project is an opportunity to support domestic supply chains while simultaneously advancing the province’s economic development, according to the department.
The government has launched a competitive expression-of-interest process to find advocates for a potential exploration agreement. This process is in line with the Holt government’s recently announced comprehensive minerals strategy.
RELATED: New Brunswick government unveils mineral strategy
The release states that the expression-of-interest process is non-binding and that no mineral rights will be given unless a formal exploration agreement is reached.
Information about how to submit an expression of interest can be found here.
The department says submissions will be evaluated based upon criteria such as technical expertise, financial capacity, demonstrated commitment to meaningful engagement with Indigenous communities, and long-term economic benefits for New Brunswickers.