- Osisko Mining Inc. (OSK) has signed a binding term sheet with Miyuukaa Corp. regarding the transport of hydroelectric power to the Windfall Project in Québec
- Miyuukaa, owned by the Cree First Nation of Waswanipi, will finance, build, own and operate a 69-kilovolt transmission line to transport the hydroelectricity to the project
- Osisko will pay service fees to Miyuukaa
- Terms will be further outlined in a definitive agreement between the two companies
- Osisko Mining Inc. (OSK) is up 1.35 per cent trading at $3.74 per share as of 1:40 p.m. EST
Osisko Mining (OSK) has signed a binding term sheet with Miyuukaa Corp.
The agreement is in regard to the construction of proposed transmission facilities and the transport of hydroelectric power to the Windfall Project in Québec.
According to the agreement, Miyuukaa will finance, build, own and operate a 69-kilovolt transmission line to transport the hydroelectricity to the project. Miyuukaa is a corporation owned by the Cree First Nation of Waswanipi.
Irene Neeposh, Chief of the Cree First Nation of Waswanipi, commented,
“The Cree First Nation of Waswanipi will always prioritize the protection of its territory and of the traditional way of life of its members, but this does not prevent us from also participating in the economic development of our land.”
As an end user, Osisko will pay service fees to Miyuukaa. Terms will be further outlined in a definitive agreement between the two companies, which is expected to be completed in the coming month.
Using hydroelectric power through the final stages of exploration and throughout the planned construction and operations phases can help reduce greenhouse gas emissions and the project’s reliance on fossil fuels.
Osisko’s CEO and Chairman, John Burzynski, stated,
“Hydroelectric power availability for the anticipated construction of the Windfall Mine will make a significant difference in both the cost and environmental impact of our future planned activities.”
Work is expected to begin in January on existing access roads in preparation for brush clearing and construction of the transmission line while awaiting permits. The work is expected to last a year, with the hook-up date anticipated in the first half of 2024.
Osisko Mining Inc. (OSK) is up 1.35 per cent trading at $3.74 per share as of 1:40 p.m. EST.