MELBOURNE, Sept. 4, 2012 /CNW/ - MMG has submitted the Izok Corridor
Project Proposal to the Nunavut Impact Review Board (NIRB) and key
authorizing agencies commencing the environmental assessment and
regulatory review process as per the Nunavut Land Claims Agreement.
The proposal sets out the preliminary mining and environmental
considerations for the Izok Corridor Project based on the 2011
The Project encompasses zinc-copper deposits located near Izok Lake and
High Lake in Nunavut, Canada. MMG also has approximately 2,000 square
kilometres of exploration tenements including the High Lake East,
Gondor and Hood projects where exploration programs are ongoing. There
are also a large number of other underexplored greenstone belts in the
"The Izok Corridor Project is an important component of MMG's zinc
strategy as a number of major mines, including our own 500,000 tonne
per annum Century mine, wind down production over the next five years,"
said Mr Michael Nossal, MMG's Executive General Manager, Business
"With global zinc supply expected to decline by up to 1.8 million tonnes
over the next five years, the Izok Corridor Project represents an
opportunity to meet medium- to long-term demand requirements for
zinc-based products by industrial, commercial and residential sectors
worldwide," he said.
The Project Proposal is one of the initial regulatory requirements for
the project. Following a successful pre-feasibility study completed in
the second half of 2011, MMG initiated a definitive feasibility study
in 2012. The definitive feasibility study is expected to take 18-24
months and represents an investment of over US$50 million. In addition,
regional exploration is ongoing.
The pre-feasibility study determined the preferred development option of
establishing processing operations at the proposed Izok mine, including
a two-million-tonne per annum concentrator, which would also process
the ore from the High Lake mine.
The proposed transportation route is likely to be a 350-kilometre
all-weather road that would connect the proposed Izok mine to a new
port at Grays Bay with the capacity to ship 650,000 tonnes of
concentrate per annum, and permit the back-haul of High Lake ore to the
Mr Nossal said that the Project Proposal was underpinned by a strong
commitment to sustainability.
"MMG is committed to responsible and sustainable development, and our
focus remains on open relationships with our local communities and on
minimising potential impacts to the environment," said Mr Nossal.
"We have already started to inform and engage communities in the
Kitikmeot Region of Nunavut and will complete another full year of
environmental baseline data collection."
"The Izok Corridor Project is expected to provide a number of economic
benefits to Nunavut including the creation of employment, business
opportunities, skills development and the payment of taxes to the
federal, territorial and Inuit governments."
"We will continue to work closely with the NIRB, regulators and local
stakeholders on the details of the Project Proposal as part of our
ongoing feasibility work on the project," he said.
MMG is a mid-tier global resources company which explores, develops and
mines base metal deposits around the world. It is headquartered in
Melbourne, Australia and listed on the Hong Kong Stock Exchange (Stock
MMG currently owns and operates the Century, Golden Grove and Rosebery
mines in Australia, the Kinsevere mine in the Democratic Republic of
Congo (DRC) and the LXML Sepon mine in Laos.
Its major development projects include Dugald River, a high grade
zinc-lead-silver deposit located in north-west Queensland, Australia,
and the Izok Corridor base metals project in Nunavut, north-west
MMG also has significant exploration projects and partnerships in
Australia, Africa and the Americas.
It is one of the world's largest producers of zinc and also produces
significant amounts of copper, lead, gold and silver.
SOURCE: MMG (Minerals and Metals Group)
For further information:
Office: (416) 206-0118 x.222
Mobile: (905) 399-6591