Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeMiningNews$1.4-billion gold mine expansion 'softens blow' for B.C. region slammed by a forestry downturnMine's permanent workforce to hit 1,200 once the expansion is in operationLast updated 2 hours ago You can save this article by registering for free here. Or sign-in if you have an account.Above is an aerial view of crews pouring the first foundations for a major expansion of Artemis Gold Inc.'s Blackwater gold mine, which is going ahead barely 15 months after its official opening in 2025. Photo by Handout courtesy of Artemis Gold IncConstruction crews have started the main work for a major expansion of Artemis Gold Inc.’s Blackwater gold/silver mine in British Columbia’s central interior, 15 months after its first production.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe open-pit mine, 160 kilometres south west of Prince George, was always envisioned as a three-phase project. The $1-billion first phase broke ground in 2023 with Phase 2 to expected follow in four or five years and Phase 3 within 10 years, according to CEO Dale Andres.That plan, however, didn’t account for the price of gold shooting up 44 per cent in the 22 months it took to build Phase 1, justifying continuing exploration work to point at the potential for an even bigger mine. By the end of 2025, before its first full year of production, Artemis green-lit Phase 2.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe price of gold has soared another 57 per cent since production crews poured the first gold mined at Blackwater in January 2025. The gold price hit US$4,434 in trading Tuesday on Commodity Exchange Inc.“I don’t have a crystal ball to know where the gold price is going,” Andres said. “But with a medium and long-term view that it would be strengthening, it was great that (the mine opening) aligned so well with first gold coming online with record gold prices.”At opening, the Blackwater mine employed some 900 direct and contract workers. After producing some 193,000 ounces of gold in 2025, it embarked directly on its expansion plans, starting with spending $120 million to build a bigger rock mill for Phase 1.At the end of July, contractors started pouring concrete for the foundations for the $1.44 billion Phase 2 expansion, a major economic jolt for the Central Interior, which has been hit hard by a downturn in the forestry sector. Above is an aerial view of crews pouring the first foundations for a major expansion of Artemis Gold Inc.’s Blackwater gold mine, which is going ahead barely 15 months after its official opening in 2025. Photo by Handout courtesy of Artemis Gold IncArtemis announced the substantial start of Phase 2 in the same week it reported second-quarter financial results showing $199 million in net profits on $434 million in revenue, compared with $100 million on $231 million in revenue for the same quarter in 2025.Mining Association of B.C. CEO Michael Goehring referred to the expansion project as “a big deal” for the region.“That mine is really turning out to be an economic powerhouse in a region that has got some real challenges with respect to forestry,” Goehring said.Construction and opening of Blackwater’s first phase at the start of 2025 coincided with the 2024 closure of a Canfor Corp. sawmill, with the loss of 260 direct jobs in Vanderhoof, 110 kilometres to the north and the closest community to the mine.In a previous interview, Vanderhoof Mayor Kevin Moutray said the mine hasn’t been a direct replacement for those sawmill and corresponding logging jobs in the region, but mining activity has “softened the blow.”Andres said activity on Phase 2 will ramp up over the next six to nine months to a peak construction workforce of up to 1,500, with a 2028 deadline for completion. He expects the permanent workforce to hit 1,200 once the expansion is in operation.Andres said Blackwater is helped, “unfortunately,” by the downturn in forestry.“I think we help pick up the slack (economically speaking), and that’s both from an employment perspective, but also for contractors,” Andres said. Above is an aerial view of the pit of Artemis Gold Inc.’s Blackwater gold mine, 160 kilometres southwest of Prince George in B.C.’s Central Interior. Photo by Handout courtesy of Artemis Gold IncBlackwater’s Phase 1 construction was B.C.’s first major open-pit mine in almost a decade when it started construction in 2023. The mine’s Phase 1 operations employ some 400 employees and contractors.The Phase 2 expansion, however, is happening at the same time Teck Resources Ltd. is in the middle of a $2 billion mine-life extension project at its Highland Valley copper mine, 20 kilometres south west of Kamloops and with a handful of other major expansions that have been approved by the province also waiting in the wings.Andres added, timing wise, Phase 2 is “a little bit before maybe some of the other projects” that are coming up.By the end of 2026, Artemis expects the addition to its first rock mill will increase Blackwater’s processing production to eight million tonnes of ore per year from six million tonnes.Upon completion of Phase 2 that is expected to increase to 21 million tonnes per year, with annual gold production of 500,000 ounces per year making it Canada’s third largest gold mine.“We’re looking at both extending mine life beyond 2043, which is the current mine life, as well as what options we have for expansion beyond (Phase 2),” Andres said.Artemis Gold’s shares dipped 34 cents to close at $39.59 in trading Tuesday on the TSX Venture Exchange. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.