The state mining board is approving a contractor to start an economic study for Dakota Gold. It’s part of putting together an application for a mining permit in the northern Black Hills.
The company wants to open a large-scale gold mine approximately five miles northwest of Lead at its Richmond Hill location.
Dakota Institute will conduct the study, which is required by law.
“Dakota Institute is an independent, 501c3, based in Sioux Falls," said Jared McEntaffer, CEO of Dakota Institute during a board meeting Thursday. "We are a wholly independent economic research organization with the full name — Dakota Institute for Business and Economic Analysis.”
The Board of Minerals and Environment approved the idea unanimously.
The board can consider the results of the study in whether to approve Dakota Gold’s mining permit.
In February, Dakota Gold announced it thinks they’ve identified a resource of 3.65 million ounces of extractable gold.
Gold is currently trading at $3,000 dollars an ounce.
