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Osisko Metals
Canadian mining company From Wikipedia, the free encyclopedia
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Osisko Metals Incorporated (French: Métaux Osisko Incorporée) is a Canadian mining corporation. It currently holds two historical past-producing mines — the Pine Point Mine in the Northwest Territories and the Gaspé Copper mine in Quebec — with the intent to turn them into operating mines.
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Osisko Metals was founded on May 10, 2000.[2] Previously known as Bowmore Exploration Ltd., it renamed itself to its present name in 2017 after a 1-3 reverse stock split.[3][4]
On December 16, 2017, Osisko Metals announced it would acquire the Pine Point Mine project, via a $34 Million takeover of Pine Point Mining Ltd.[5] The deal was completed on February 23 of the following year.[6] A mineral resources estimate report in 2019, estimated that Osisko Metals could extract 5.3 billion pounds of zinc and 2.1 billion pounds of lead from the Pine Point mine. The then-CEO, Jeff Hussey, estimated that the mine could be built by 2023, provided that there were no major geopolitical scenarios that could disrupt the zinc market.[7] However, work was delayed due to the COVID-19 pandemic.[8] In 2023, Osisko Metals signed a $100 Million agreement with Appian Capital Advisory, a British private equity firm, to form a joint venture for the Pine Point project. Appian received a 60% interest in the joint venture.[9][10] In February 2024, Osisko Metals would sell another 5% stake in the joint venture to Appian for $8.33 million, increasing Appian's share in the joint venture from 60% to 65%.[11] The joint venture is aiming to have the mine start construction by 2028, with production starting in 2030.[12]
In March 2022, Osisko Metals purchased the rights for exploration and drilling on the site of the past-producing Gaspé Copper mine, owned by Glencore. Osisko was given the option to decide whether it wanted to acquire the property by the end of June 2022 after an evaluation.[13][14] However, the date on the decision to acquire the mine was pushed back from June 30 to July 8, 2022.[15] On July 8, 2022, Osisko Metals made the decision to acquire the Gaspé Copper mine from Glencore.[16] The acquisition was completed the following year in July 2023.[17] In February 2024, it formed a committee with figuring out a plan to dewater the open pit of the former mine.[18]
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Current properties
- Pine Point Mine[19]
- Gaspé Copper mine[20]
References
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