The Yukon government has taken control of the Minto Mine copper and gold operation located on Selkirk First Nation territory near Pelly Crossing in the Arctic territory.
The territorial government says it was forced to take over the mine site after it was informed by Minto Metals Corp. (MINTO) that it intended to cease operations and remove its staff from the location.
Yukon government officials say their immediate priority is to protect the environment after taking control of the mine, and that they have hired JDS Mining to oversee the site as a contractor.
The Minto Mine had 180 staff and contract employees prior to the shutdown. JDS Mining has approached 50 staff about continuing to work on the site, the government said.
Whitehorse-based Minto Metals Corp. said in a news release that it’s working with the territorial government and that it has invested a significant amount of money into improving the water treatment plants at the mine site location.
The Minto Mine had been in operation since 2007 and focused primarily on gold and copper extraction in the Yukon.
Minto Metals’ stock has declined 58% over the last year and currently trades at $0.88 per share.
