Minister Announces Provincial Approval of Valentine Gold Project

I am pleased today to notify members of the House of Assembly and indeed all residents of the province of some exciting news – the Valentine Gold Project in Central Newfoundland has been released from the Provincial Government’s Environmental Assessment and the project is approved to proceed.

When completed, the Valentine Gold Project will be the largest gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.

According to Marathon, the company expects to create approximately 11,000 person-years of employment in Newfoundland and Labrador, and an average of more than 400 employees annually.

This will result in the generation of approximately $750 million in income to workers and businesses located within our province.

The initial capital investment is estimated at $305 million, life-of-mine capital investment is estimated at $662 million. Marathon estimates this project will contribute $2.9 billion to the provincial GDP and approximately $400 million in incremental revenues to the Newfoundland and Labrador treasury.

This is a significant project that will provide numerous economic benefits to Central Newfoundland and the entire province.

Our mining industry experienced a record-breaking 2021 in terms of exploration expenditures and the value of mineral shipments. Our government fully recognizes that the economic potential of the mining industry is critical for our province, and we will continue to support its growth.