Newmont Gets Approvals to Advance Red Chris Block Cave Project

Newmont Corporation NEM has received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, marking a major milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale underground block-cave mine. The approvals move the project closer to a final investment decision (FID), which Newmont expects to make later this year. The provincial approvals include an amended Environmental Assessment Certificate (EAC) and an amended Mines Act permit. The EAC amendment was secured through a consent-based process with the Tahltan Nation, highlighting the project's collaborative approach to Indigenous engagement and regulatory compliance. The newly approved block-cave development will enable access to deeper ore bodies that cannot be economically mined through surface operations. The transition is expected to extend the mine's life into the mid-2040s. The company is currently completing a Definitive Feasibility Study and a detailed capital cost estimate for the project. The development is expected to generate more than 1,800 construction jobs and support approximately 1,500 peak-season operating positions once in operation. The mine expansion could boost Canada's annual copper production by roughly 15%. Red Chris is operated by Newmont, which holds a 70% interest in the joint venture, while Imperial Metals Corporation owns the remaining 30%. The project became part of Newmont's portfolio following its acquisition of Newcrest Mining in 2023. Newmont said that the regulatory approvals represent an important step in the company's disciplined project-development process. It described the Red Chris Block Cave project as a compelling long-term growth opportunity and noted that the approvals position Newmont to advance toward a final investment decision later in 2026. NEM emphasized the strategic importance of the project for the company's future gold and copper production profile and highlighted the significance of the milestone achieved through collaboration with regulators and the Tahltan Nation.  Shares of NEM have rallied 75.3% in the past year compared with the industry’s 49.5% rise. Image Source: Zacks Investment ResearchNEM’s Zacks Rank & Other Key PicksNEM currently sports a Zacks Rank of #1 (Strong Buy). Other top-ranked stocks in the Basic Materials space include Nucor Corporation NUE, L.B. Foster Company FSTR and Albemarle Corporation ALB. NUE, FSTR and ALB carry a Zacks Rank of #1. You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for NUE’s current-year earnings stands at $15.68 per share, implying a 103.4% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the average surprise being 8.1%. The Zacks Consensus Estimate for FSTR’s current-year earnings is pegged at $1.74 per share, implying a 152.2% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in one of the trailing four quarters and missed thrice, with the average surprise being 3.62%. The Zacks Consensus Estimate for ALB’s current-year earnings is pegged at $12.39 per share, indicating a 1,668.4% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 74.5%. Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks