Mason is hopeful this 12 months will change that.
“I am optimistic that within the close to time period, we’ll come to a decision that our shareholders and stakeholders will all absolutely embrace,” he mentioned. “We’re not precisely positive that we’ll come to a conclusion however they’ve been very gracious with us and they’re getting out of the mission,” he added.
The mission is positioned about 60 kilometers east of Prince Albert, and work has been ongoing for a number of a long time.
In keeping with senior technical adviser George Learn, the mission has a variety of potential. He mentioned it is near highways and the provincial energy grid, with a big labor pressure within the area. He added the amount and high quality of the diamonds they’ve discovered has been fairly excessive, together with a excessive proportion of bigger diamonds – which a variety of mines all over the world shouldn’t have.
“The large diamonds are the true financial drivers,” he mentioned. “Star and Orion South have vital carats and notably mixed with a really excessive value…in 2021 the world common was about $116 a carat, as you possibly can see we’ve a value of some $210 a carat for Star, and $169 for Orion South. ”
Over time 1000’s of diamonds of assorted sizes have been discovered on the mission, however up to now no mine has been constructed.
Mason mentioned they hope to vary that quickly.
“That’s our plan, as soon as we get that again (management of the mission) to have discussions with native stakeholders, together with the First Nations group and authorities our bodies and financing companions to see if we won’t transfer this ahead,” he mentioned.
It won’t be low-cost. A examine achieved in 2018 estimated the price of the mine at round $1.4 billion, however the payback could possibly be considerably increased. Estimated mine life is round 34 years.
Inflation is also an element, though Learn famous the worth of pure tough diamonds is mostly headed in the precise path for them.
“The costs presently of pure tough (diamonds) are usually superb,” he mentioned.
Mason added it has the potential to be a zero emission mine, as gear could possibly be principally electrical. Processing Kimberlite ore has the potential to sequester carbon out of the air, as a result of the kimberlite tailings (waste rock) take up it. A number of corporations, together with De Beers, have already got underway research.
“If we transfer ahead with this, this could possibly be a zero emission mission, which is beautiful within the excessive for a mining mission,” he mentioned.
Learn mentioned the plan could be to mine the Orion South mission first, just because the kimberlite pipe that holds the diamonds nearer to the floor, so it could be capable to generate revenue extra shortly.
Mason mentioned the mission could possibly be a “recreation changer” for the province, with billions of {dollars} of money circulate.
“It must occur. It is only a reward,” he mentioned.
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Twitter: @DougLettSK