Alamos Gold’s Island Gold Mine Continues Its Track Record of Creating Value for All Stakeholders
16 Diciembre 2020 - 12:00PM
Alamos Gold Inc. (Alamos) has released its first
Economic Benefits Assessment of the Island Gold Mine report, which
provides an overview of the mine’s economic value and community
benefits in the region. Results show that the growing number of
full-time jobs and training opportunities has positioned the mine
to become an economic engine for the future of the region,
including positively impacting the closest town of Dubreuilville.
This trend will continue as a result of Alamos’ recent $684 million
investment to expand the operations at the Island Gold underground
mine, including constructing a new shaft, expected to be completed
in 2025. This expansion will double the mine life and allow it to
continue operating until at least 2035.
In addition, the report highlights the mine’s
response to COVID-19, reflecting a strong collaboration between the
mine and community stakeholders. The report, prepared by EY, is
available here:
https://www.alamosgold.com/islandgoldeconomicbenefits
“Good mines and good people are the foundation
of our growth in Northern Ontario. When we took root in the region
three years ago, we set out to hire locally, train great talent,
and create tremendous value in the community, which we continue
today,” said John A. McCluskey, President and Chief Executive
Officer. “Our next phase of growth at Island Gold will result in
new jobs and opportunities in the region, create a lasting legacy
that benefits all Alamos stakeholders, and reflect our core values
of safety, teamwork, environmental sustainability, commitment and
integrity.”
In response to COVID-19, Alamos extended its
support to the local community by providing supplies locally and
funding a meal service program in Dubreuilville for persons in
need, at high risk and facing economic challenges. In late March,
Alamos made the decision to temporarily suspend operations at
Island Gold given the unique set-up of the operation with both a
large local as well as a fly-in, fly-out workforce. Alamos began
safely ramping up operations at the beginning of May and returned
to normal operating levels in June.
Report highlights include:
- As of early 2020, Island Gold’s
employees account for nearly 22% of total mining employment in the
Algoma region, sustaining 379 jobs and 560 construction jobs
annually over the past 3 years (as explained in Table 1)
- With the planned expansion of the
Island Gold Mine between 2020 and 2035, activities are expected to
sustain over 400 jobs annually, as well as over 3,100 construction
jobs overall (as explained in Table 2)
- Among Island Gold employees,
approximately 6% belong to Indigenous communities, which is more
than twice the mining industry average of 2.4% in Ontario
- Island Gold’s practice of local
hiring has increased economic stability in the local communities of
Dubreuilville, Wawa, and White River, offering allowances and
incentives to employees to move near the mine in Dubreuilville,
indirectly helping to increase rural population as well as local
resources and infrastructure
- The Island Gold mine also helps
contribute towards the formation of a highly skilled mining
workforce and the accumulation of human capital in the local
communities: it employs a wide range of tradespersons, such as
welders, truckers, surveyors, scoop operators, electricians,
mechanics, bolters, millwrights, construction miners, geologists,
blasters, conventional miners, engineers, and drillers
- Alamos provides employees with
opportunities to further develop their skills, expand their trades
and attend training programs
- Alamos offers training and
education to community members to maintain a local qualified
workforce and help residents acquire the qualifications for
long-term employment in the mining industry
- Island Gold’s employees help
augment the local economy, through a host of related activities by
supporting local businesses while residing in Dubreuilville
- Alamos acknowledges that Indigenous
communities constitute some of their most important partners, fully
respects their protected rights, and continually looks for
opportunities to generate wealth and socio-economic growth
generated from mining operations within their traditional
territories including through partnerships, employment, skills
development, business and spin-off opportunities.
Table 1: Summary of Total Historical Economic
Contributions
Contributions |
Spending(CAD$millions) |
GDP(CAD$millions) |
Wages(CAD$millions) |
Jobs(FTEs) |
OPEX (Annual
Contribution) |
Regional |
11.9 |
10.9 |
44.1 |
379 |
Provincial |
56.1 |
64.9 |
54.3 |
544 |
CAPEX |
|
|
|
|
Regional |
49.6 |
23.1 |
33.3 |
560 |
Provincial |
250.2 |
166.2 |
41.3 |
758 |
(1) Figures for wages, GDP and output are presented
in millions and 2020 CAD$. The numbers are reflective of total
(direct and indirect) average annual OPEX contributions for
2017-2019 and cumulative total CAPEX contributions for 2017-2019.
Contributions to FTEs from CAPEX are presented in
person-years.(2) Sources: Alamos data and EY
calculations.
Table 2: Summary of Total Projected Future Economic
Contributions
Contributions |
Spending(CAD$millions) |
GDP(CAD$millions) |
Wages(CAD$millions) |
Jobs(FTEs) |
OPEX (Annual
Contribution) |
Regional |
13.4 |
11.7 |
46.7 |
401 |
Provincial |
70.5 |
75.2 |
57.4 |
575 |
CAPEX |
|
|
|
|
Regional |
281.1 |
127.0 |
188.8 |
3,146 |
Provincial |
1,535.4 |
1,014.0 |
234.3 |
4,275 |
(1) Figures for wages, GDP and output are presented
in millions and 2020 CAD$. The numbers are reflective of total
(direct and indirect) average annual OPEX contributions for
2020-2035 and cumulative total CAPEX contributions for 2020-2035.
Contributions to FTEs from CAPEX are presented in
person-years.(2) Sources: Alamos data and EY
calculations.
ABOUT ALAMOS GOLD INC.
Alamos is a Canadian-based intermediate gold
producer with diversified production from three operating mines in
North America. This includes the Young-Davidson and Island Gold
mines in northern Ontario, and the Mulatos mine in Sonora State,
Mexico. Additionally, the Company has a significant portfolio of
development stage projects in Canada, Mexico, Turkey, and the
United States. Alamos employs more than 1,700 people and is
committed to the highest standards of sustainable development and
engagement with host communities. The Company’s shares are traded
on the TSX and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Rebecca ThompsonVice President, Public
AffairsAlamos Gold Inc.rebecca.thompson@alamosgold.com T: (416)
368-9932 x5448
All amounts are in Canadian dollars, unless
otherwise stated.
Cautionary Note:
This news release includes statements that
constitute forward-looking information within the meaning of
applicable Canadian and U.S. securities laws ("forward-looking
statements"), including but not limited to the expected impact of
investments in the Company’s Island Gold underground mine.
Forward-looking statements are necessarily based upon a number of
factors and assumptions that, while considered reasonable by
management at the time of making such statements, are inherently
subject to significant business, economic, technical, legal,
political and competitive uncertainties and contingencies. Known
and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements, and undue
reliance should not be placed on such statements and information.
For a more detailed discussion of risks and
other factors that may affect the Company's ability to achieve the
expectations set forth in this news release, see the Company’s
latest 40-F/Annual Information Form and Management’s Discussion and
Analysis, each under the heading “Risk Factors” available on SEDAR
at www.sedar.com or on EDGAR at www.sec.gov. The foregoing should
be reviewed in conjunction with the information found in this news
release. The Company disclaims any intention or obligation to
update or revise any forward-looking statement, whether written or
oral, or whether as a result of new information, future events or
otherwise, except as required by applicable law.
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