Pine Point Mining Limited, operated under an April 2023 joint venture between Osisko Metals and Appian Natural Resources Fund III LP, is developing one of Canada’s premier past-producing zinc assets.
The JV leverages Appian’s extensive mine development experience and includes a crucial investment of C$75 million into the development of the Pine Point Project to “shovel-ready” status. This funding will cover costs associated with a mine development project including definition and exploration drilling, Indigenous engagement, the feasibility study, environmental assessment, and permitting.
The Pine Point Mining project, located in Canada’s Northwest Territories, has the potential to become one of the world’s leading producers of zinc concentrate. This brownfield site’s major advantages include significant support infrastructure that is already in place, including power from the Taltson Hydroelectric dam and the on-site electrical substation, paved highway access, and 100 kilometres of viable 25-metre-wide haulage roads.
Pine Point has historically produced among the world’s cleanest zinc and lead concentrates with very low impurities. This sets the project apart from most current producers. Zinc concentrate is produced from the mineral sphalerite and lead concentrate is produced from the mineral galena.
Zinc is one of 31 critical minerals identified by Canada as required for a sustainable transition to a low-carbon economy. It is used to galvanize iron and steel to protect against corrosion, adding longevity to infrastructure and construction materials that would otherwise deteriorate and need to be rebuilt. Cement production accounts for approximately 9% of global greenhouse gas emissions.
Lead supports the clean energy transition as a component of wind generation and increases solar panel longevity, according to the World Bank. Most importantly, it allows for easier recovery of other metals when recycling electronic waste.