Steven Dean There are more or less a handful of mines in the world that produce more than half a million ounces a year in safe jurisdictions," said Dean, adding that "the Blackwater mine, in phase one, is certainly one of the lowest, if not the lowest, in terms of capital. -intensity spend in our space right now.
Dean also pointed out that many of the Tier One assets held by the major gold producers are old, meaning they are more difficult and expensive to operate. Open-pit mines that have been in operation for a long time require more maintenance and travel long haulage distances. Ageing underground mines have to be dug deeper.
"The only way to really make a mine low-cost is to build a new one," he said.