Anaconda Mining Receives More than $2 Million Investment for Innovation
An innovative approach to mining narrow vein type deposits will enable Anaconda Mining Inc. to maintain jobs at its Baie Verte Peninsula operation and create opportunities for local suppliers in the region. Anaconda Mining Inc. is partnering with Memorial University to develop the technology to mine these deposits in a more cost-effective manner.
Cathy Bennett, Minister of Finance, announced a Provincial Government investment of more than $520,000 for the initiative through the Research & Development Corporation. Seamus O’Regan, Member of Parliament for St. John’s South-Mount Pearl, announced more than $1.5 million for the project.
This funding will help the company to develop, prototype and optimize a new excavation system to access narrow vein type deposits that could not be mined cost-effectively with existing technologies.