The companies also signed copper and zinc off-take agreements, with concentrate to be smelted at Glencore’s facility, the only one of its kind in Canada
“While there remains significant work to be done and challenges to be addressed, Glencore Canada is committed to working with all stakeholders towards creating the winning conditions necessary for the further development of the Horne 5 Project and of the fully-integrated copper industry in Quebec,” Glencore global head of copper metallurgical operations, Marc Bédard, said in the statement.
The Horne 5 VMS deposit sits immediately below a namesake copper-gold mine that was operated by Noranda Inc. from 1926 to 1976.
Once it reaches commercial production, Horne 5 is expected to run for at least 15 years, producing 219,000 ounces of gold annually at a rate of 16,000 tonnes of ore per day.
Initial capital costs tally to just over $802 million, most of which needs to be raised.
Falco counts among its shareholders well-known names, including Osisko Gold Royalties, which holds an 18.3% stake, and the Government of Québec, with a 5% interest.
