Ann: Major gold intersection 200m below Diucon, page-37

Interesting news release today from a major Canadian gold producer.
They are attempting to build a large new mine in a tier 1 deposit in Canada .They have 7-10 million ounces .
Production in the 400-500 thousand ounce per year range.
Construction started in 2020 and start of production now put back to 2024 due to Covid,supply chain issues and a variety of other problems.The mine/mill is about 50% complete and yet still wont be producing for a couple of years.
Costs have escalated from around a billion dollars to 2 billion dollars Canadian during the construction phase .
Interestingly they are not attempting to drill additional holes while they focus on trying to get the mine done.
The Cote gold mine is being brought on stream by a major Canadian producer with significant cash flow .
There are multiple other smaller mines in Canada attempting to get into production and the majority are having difficulties especially those with no cash flow.
The quarterly results of a lot of major gold producers are not very good this year due to decline in the POG and huge cost pressures.
I think that very few new mines are going to be successfully built anywhere in the world due to all these issues.