“If the permitting processes move ahead without addressing our concerns, any permits that are issued will be highly vulnerable to legal challenges,” Chief Rhonda Phillips said.
The Xatśūll has called on the BC government and Osisko to halt the project until its issues are resolved, and its free, prior and informed consent is granted.
Cariboo is in the permitting stage, with a Jan. 2023 feasibility study outlining an initial production start next year. The project received an environmental assessment certificate in Oct. 2023, with final permitting expected by December. It aims for 164,000 oz. gold annually, peaking at over 220,000 oz. during its 12-year mine life.
The project requires an initial investment of C$137 million, with an additional C$451 million for expansion, totalling C$588 million for the life of the project. It has an after-tax net present value of C$502 million at a 5% discount rate and a 21% internal rate of return at a $1,700 per oz. gold price.
Supports resource projects
The Xatśūll says it wants sustainable development but insists it must be done in accordance with the Declaration on the Rights of Indigenous Peoples Act (DRIPA) and the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP).
They cite the Mount Polley tailings disaster of Aug. 4, 2014 as an example of how things can go wrong.
“Xatśūll Territory is ‘ground zero’ for the harmful effects of the province’s unilateral regulation of resource extraction activities, which resulted in the ongoing environmental catastrophe of the Mount Polley tailings failure,” Phillips alleged.
The nation complains it can’t fully exercise its Aboriginal title and rights. Mining disturbances disrupt essential rituals and seasonal gatherings, and erodes the Xatśūll’s profound connection to the land and their ancestors, Phillips said.
The Northern Miner has reached out to the BC government and Osisko for comment.
Land access
Key issues the Xatśūll raised include the potential negative impact on the threatened Southern Mountain subspecies of the Barkerville woodland caribou and concerns over cumulative environmental effects that infringe on Xatśūll’s Aboriginal rights.
Phillips’ statement noted the ongoing effects of legacy mining. Despite years of remediation, it still affects the community’s ability to practice traditional activities and maintain their cultural heritage, she said.
Osisko Development last traded at C$2.52, up 0.8% or C$0.02 per share, having touched C$2.32 and C$4.30 over the past 12 months. It has a market capitalization of C$263.4 million.
This article was published by: Amanda Stutt
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