Osisko Gold greenlights mine construction with Trafigura backing - Mining.com.au

AI desk brief

Osisko Gold has approved full-scale construction of its C$1.2 billion Cariboo Gold Project in British Columbia, targeting first gold pour in Q1 2029 and commercial production in 2H29. The mine is now about 22% complete, with remaining capital estimated at C$990 million; the 2025 feasibility study outlines 1.89Moz of gold over a 10-year life and an after-tax NPV5 of C$3.2 billion with a 42.7% IRR at spot gold prices.

Trafigura is backing the build with a US$30 million equity investment and a potential US$120 million gold prepayment facility, and will buy all gold concentrate and doré from the project for the first four years of production. The update is supportive for longer-dated North American gold supply, but the near-term market impact is limited given the 2029 start-up timeline.