https://www.miningweekly.com
Copper|Energy|Exploration|Gold|Mining|PROJECT|Underground|Environmental
Copper|Energy|Exploration|Gold|Mining|PROJECT|Underground|Environmental
copper|energy|exploration|gold|mining|project|underground|environmental

GoldQuest turns its gaze elsewhere as Dominican licence delays drag on

2nd November 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

After three years of licence delays, Canadian exploration junior GoldQuest announced this week that its staff in the Dominican Republic would be reduced to a minimum and that it would proactively seek opportunities elsewhere, citing regulatory uncertainty in the Caribbean nation.

Since its launch in 2002, GoldQuest has invested about $40-million in exploration activities in the Dominican Republic and is ready to spend between $20-million and $40-million upon receipt of the licence that will allow for environmental and bankable feasibility studies to get under way on its flagship Romero project, but CEO Bill Fisher said that it would be deploying its capital in other mining-friendly jurisdictions.

“The company believes that it has fulfilled, and exceeded, all of its obligations under Dominican Republic law. We have also introduced mining majors to the Dominican Republic. However, without clarity of process under the law, it is problematic to continue to invest,” he said.

GoldQuest  discovered the main Romero deposit in May 2012 and in October 2015 applied for the licence. In January this year, the project appeared to be moving forward when the Energy and Mines Minister endorsed it and sent it to the office of the President for ratification. In August, the project was again endorsed by the public/private National Competitiveness Council (CNC), which includes several Ministers and private entities. The CNC presented the project for ratification on October 11, but GoldQuest said it was still waiting to hear from the President.

A 2016 prefeasibility study envisions a 2 800 t/d underground mine, focused on the high-grade gold and copper ‘core’ of the Romero deposit to produce a saleable copper concentrate for shipment to offshore refineries. The project, which is estimated to cost about $251-million to build, will produce 109 000 oz of gold equivalent over a 7.3-year mine life.

However, GoldQuest will now only have skeleton staff in the Dominican Republic and it also withdrew its community outreach programmes.

GoldQuest trades on the TSX-V and hit an one-year low of C$0.0855 this week, following the corporate update. The stock closed at C$0.11 a share on Thursday.

Edited by Creamer Media Reporter

Comments

Latest News

Resources Watch
Resources Watch
27th March 2024

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.088 0.125s - 108pq - 2rq
Subscribe Now