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Under the memorandum of understanding, Monarch would fund and launch a study on upgrading the concentrator at Kidd in Timmins, Ontario, and the the partners would enter into a toll milling agreement.
Monarch would also fund the work required to upgrade the concentrator.
The upgrade study is expected to be completed by the end this year, with the toll milling agreement to follow by March 30, 2021 at the latest, the company said.
Following the toll deal, the upgrades will begin, carrying a deadline date of July 31, 2023, with first delivery of ore coming by the end of that year.
Monarch plans to select one or more consultants for the upgrade studyin the coming weeks.
The Kidd concentrator is located on the property of the Kidd metallurgical site east of Timmins, Ontario, in the townships of Hoyle and Matheson. It was constructed in 1966 and has a current design rated capacity of 12,500 tonnes per day.
