Artemis Gold awards mining supply fleet contract to Finning

Artemis Gold seals deal with Finning Canada for supply of primary and ancillary mining fleet for Blackwater Gold Project in Central British Columbia.

Artemis Gold has executed binding agreements with Finning (Canada) for the supply of a primary and ancillary mining fleet for its Blackwater Gold Project in Central British Columbia.  

The gold mining company has also concurrently executed a credit-approved commitment letter for an equipment lease facility with Caterpillar Financial Services associated with the primary and ancillary mining fleet, as well as an agreement with Caterpillar regarding the supply of a future zero-emission haul fleet. Finning is the world's largest Caterpillar dealer with over 80 years' market experience.

Under the Supply Agreements, Finning has secured equipment pricing for the primary fleet until December 31, 2024, subject to minor index and foreign exchange adjustments. Finning has further agreed to delivery dates for the primary and ancillary fleet in order to support mine development for Blackwater, which has 8mn oz of gold reserves and 60mn oz of silver reserves.

The Supply Agreements secure the supply of equipment, as well as the supply of parts and labour, the latter of which will support the equipment availability guarantees provided by Finning.

The credit-approved equipment lease facility with Cat Financial provides for up to $140mn in equipment financing on terms consistent with the assumptions contained within the Company’s 2021 Feasibility Study technical report entitled “Blackwater Gold Project NI 43-101 Technical Report on Updated Feasibility Study” dated September 10, 2021.

The equipment lease facility remains subject to customary conditions precedent, including the finalisation of the master lease agreement and related documents.

Through the agreement with Caterpillar, the company has the option to place orders for Caterpillar’s zero-emissions haul trucks, currently under development, for shipments beginning in 2029. The fleet transition signifies a key milestone of the Project and will substantially reduce the carbon footprint of Blackwater’s operations.

The Project will be powered by clean electricity through the Company’s planned 135km long 230kV electricity transmission line which will connect to the BC Hydro grid.

Steven Dean, Chairman and CEO, said the execution of these agreements provides Artemis certainty of equipment pricing and equipment availability for Blackwater’s planned mining and construction activities.

"Of equal significance, partnering with Caterpillar provides the Project with a pathway towards decarbonisation of Blackwater’s haul fleet," he said.

"With access to BC Hydro’s clean power, the transition to an electrified fleet as soon as 2029 provides Artemis a pathway to significantly reduce the carbon footprint of the project. This is consistent with Artemis’ ESG goals to responsibly develop the Blackwater gold project, identify innovative ways to reduce our impact on the environment while providing generational opportunities in the communities in which we operate.”  

Marc Cameron, Caterpillar Vice President, applauded Artemis’ commitment to sustainability and the planned path to decarbonisation at Blackwater.

"We look forward to supporting their carbon reduction objectives through the future deployment of Caterpillar’s zero-exhaust emissions haul trucks once development is complete," he said.

David Primrose, President of Finning Canada, said: “The mining sector in Western Canada continues to represent a great opportunity for us as we support our customers in improving efficiencies, productivity, and safety of their operations.”


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