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Advanced Explorations Inc. ADEXF

"Advanced Explorations Inc is a development stage company. It is engaged in the acquisition, exploration and development of properties within the resource sector."


GREY:ADEXF - Post by User

Post by HVAN1on Nov 21, 2012 9:54am
119 Views
Post# 20626267

Hope Bay Permitting

Hope Bay Permitting

Doris North Gold Mine (now part of the Hope Bay Gold Project, recently written off by Newmont) submitted a project description to the Nunavut Impact Review Board on March 1st, 2002. After a long process the Project Certificate allowing construction to begin was issued on September 15th, 2006. That's 4.5 years of environmental permitting!

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When Newmont killed the Hope Bay Gold Project, writing off $2.1 billion in costs, blame was specifically placed on the difficulty and delays involved with doing business in Nunavut:

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"But Newmont couldn’t reach an expected agreement with the KIA on Inuit land use tenure and an Inuit impact and benefits agreement for the second phase of its expansion.
 
KIA president Charlie Evalik says money was not a sticking point, but, according to a person who was not authorized to speak publicly and who spoke on condition of anonymity, the KIA may have asked for too much before the mine had even reached production."
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Don't believe the liars on this board. The facts are that the Nunavut environmental permitting process is very long and can kill even promising projects run by majors.
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