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7/10/2020
Monarch Gold Corp. signed a memorandum of understanding (MOU) with Ontario Northland Railway that calls for rail transportation of ore from Monarch's Wasamac gold project to the Kidd concentrator in Timmins, Ontario.
The MOU's first phase consists of an economic study of infrastructure for the transportation of ore by train from Wasamac to Kidd. The study is expected to be completed no later than Dec. 31.
"Ontario Northland has the necessary capacity, a solid reputation and has been providing this transportation service to mining companies for more than a century,” said Jean-Marc Lacoste, president and chief executive officer of Monarch.
The agreement allows for the negotiation of a favorable rate for the transportation of ore under an MOU with Glencore Canada Corp. In May, Monarch and Glencore entered into an MOU in connection with Monarch's potential use of Glencore's Kidd concentrator.
In addition to northern Ontario, Ontario Northland serves northern Quebec to Rouyn-Noranda, where the railway connects and interchanges traffic with CN.