Osisko Mining Inc. has concluded the previously announced binding term sheet agreement and signed a definitive agreement with Miyuukaa Corp. for construction of transmission facilities and the transport of hydroelectric power to the Windfall Project in James Bay, Québec.
Miyuukaa Corp. is a wholly-owned corporation of the Cree First Nation of Waswanipi (CFNW). The power line from the Waswanipi substation to the Windfall gold mine, located in the Abitibi greenstone belt, is located 100% on CFNW traditional lands covered by the James Bay Northern Québec Agreement.
Miyuukaa will finance, build, own and operate a 69-kV dedicated transmission line that will transport hydroelectricity to the Windfall project. As an end user, Osisko will pay service fees to Miyuukaa. The agreement outlines the general and financial terms between Osisko and Miyuukaa, which is for the purpose of ensuring delivery of hydroelectricity over the life of the planned Windfall mill as required.
Construction work began during the first quarter of 2023 and is projected to take 12 months to complete, with the hook-up date anticipated in the first quarter of 2024.
This agreement solidifies the collaborative approach between Osisko and CFNW to sustainably develop energy infrastructure, which will create employment opportunities for CFNW members. Using hydroelectric power through the final stages of exploration and throughout the planned construction and operations phases will reduce greenhouse gas emissions and the Windfall Project’s dependency on fossil fuels, according to a release.
The Windfall gold deposit is located between Val-d’Or and Chibougamau. The Windfall gold deposit is one of the highest-grade resource-stage gold projects in Canada and has world-class scale, Osisko said. Osisko is a mineral exploration company focused on the acquisition, exploration and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the Windfall gold deposit.
