A PFS is not a one-year exercise when you partner with Teck Resources. July 26, 2018, Newmont announced its partnership with Teck with the expectation to produce a PFS within 3-4 years. At last report from Teck, the Galore Creek PFS has been postponed once again and this time pushed off to "2025". Not even indicating a specific quarter or half.
Its been over 6 years now (and projected to be 7 years +) that Teck Resources has been taxing Newmont's patience. Although they like "talking the talk" with Galore they really don't seem to be "walking the walk".
Teck "Partner of choice" ? ...yeah right... Newmont on the other hand gets things done fast and under budget - see below. There is no way that Newmont is happy with Teck's never-ending BS games. The opportunity costs are mounting fast,
I'm still thinking that, these days, when they say "Galore Creek", to them, its an internal 'code name' for a combined Schaft Creek / Galore Creek (post-takeout or post-merger) district project, just like all the project engineers recommend in our FS and PEA.
From Newmont's July 26, 2018 NR:
"Newmont and Teck will define the scope, budget, and timeline for prefeasibility studies over the next several months and expect the prefeasibility studies to be completed over three to four years with an annual budget of $10 to $15 million (50 percent basis). GCP will be governed by a Management Committee comprised of leaders from Newmont and Teck and managed by a GCP study director and team, supported by Newmont and Teck subject matter experts.
Over the last five years, Newmont has built nine new mines and expansions on four continents – on or ahead of schedule and at or below budget. These include Akyem and the Phoenix Copper Leach in 2013, the Turf Vent Shaft in 2015, Merian and Long Canyon in 2016, the Tanami Expansion Project in 2017, and Twin Underground and Northwest Exodus in 2018. The Company also completed a value-accretive acquisition of Cripple Creek and Victor in 2015 and delivered a profitable expansion at the mine in 2016.
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