St Barbara receives Touquoy restart approval
Key points
- Nova Scotia regulators confirmed full approval for St Barbara to restart ore processing at Touquoy on Nov. 3.
- The Impact Assessment Agency of Canada will require a duplicative Federal Impact Assessment for the 15-mile processing hub.
- St Barbara shares dropped 18.5% to $0.72 following the mixed regulatory announcement.
St Barbara (ASX:SBM) received approval from Nova Scotia regulators to restart ore processing at its Touquoy facility on Nov. 3.
The approval follows completed mill refurbishments, though the Impact Assessment Agency of Canada added a federal assessment requirement for the nearby 15-mile Processing Hub Project.
"The revised mine plans for the 15-Mile Processing Hub Project reflect years of work to redesign and incorporate feedback from First Nations and neighbouring communities to achieve an exceptional design for the collective projects to achieve dramatically improved impacts," stated St Barbara Managing Director and CEO Andrew Strelein.
St Barbara stated that federal officials expect the 15-Mile project assessment to wrap up ahead of planned mid-2028 construction.
Following the announcement, the St Barbara share price was down at $0.72.
To mitigate potential federal delay risks, the company initiated contingency planning to resume open-pit mining at Touquoy.
St Barbara stated that processing stockpiled low and medium-grade ore would extend gold production beyond 2027.
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