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Globex waits on private funding for study (6/03)

By ANDREW WAREING Globex Mining Enterprises is awaiting word on private investment for a feasibility study into magnesium-talc mining in the Timmins area. “We’re waiting daily” to hear about private funding, says Globex president Jack Stoch.
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By ANDREW WAREING

 

Globex Mining Enterprises is awaiting word on private investment for a feasibility study into magnesium-talc mining in the Timmins area.

 

“We’re waiting daily” to hear about private funding, says Globex president Jack Stoch.

 

The proposed magnesium-talc mine is located in Deloro Township near Timmins. FedNor and the Quebec government have agreed to fund part of the study for the Rouyn-Noranda junior mining company.

 

“We’re in negotiation with someone for our part of the funding of the feasibility study,” says Stoch.

 

“Once we get that, we will go in, drill out a bulk sample and do the metallurgical test work up to the modern standards.”

 

He says, based on previous geological work carried out on the property 15 years ago, it is a well-known fact that there is magnesium on the property.

 

Since 15 years has passed since testing was carried out, it was necessary to retest the property with new and improved technology.

 

“Before, results were good, but (with this study) we expect them to be better.”

 

The full estimated cost of the study is approximately $17 million, Stoch says. Once funding is received, the studies are expected to take between 18 months and two years to complete. After that, construction of the mine will take three years, followed by a one-year “ramp-up” to production.

 

Once approved, the mine in Timmins is expected to employ a minimum of 80 people. The smelter for refining the ore will create 530 jobs and will be located near Rouyn-Noranda in Quebec, he says.

 

The total cost of the mine and smelter is expected to be about $1.5 billion.

 

“We don’t lack ambition,” Stoch says.

 

“What we would like to do, if we can, is produce secondary products in Timmins from the talc and magnesium oxide, and that will create more jobs,” he says. “Why ship the jobs somewhere else?”

 

Secondary products may include more environmentally friendly powders for fire extinguishers. The talc can also be used as filler in plastics, he says.




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