Gold steadies as traders focus on uncertain 2025 rate path
Gold has hit successive records this year and is set to close 2024 more than 25% higher.
Canada’s Prime Minister Justin Trudeau announced that the federal government will inject $247 million into the Yukon’s highway network, through the Yukon Resource Gateway Project. The idea is to support resource development in the mineral-rich area.
During a meeting in Whitehorse with the territory’s Premier Sandy Silver, Trudeau said that the local administration will also do its part by pitching in $113 million for upgrading more than 650 kilometres of roads, and build or upgrade a number of bridges for highways leading into the Dawson Range and the Nahanni Range.
“Modern infrastructure is key to developing and properly managing the incredible natural resources we have at our fingertips” : Prime Minister Justin Trudeau
Among the mines that stand to benefit from new roadways are Goldcorp’s (TSX:G) Coffee gold project, acquired in 2016 through the Kaminak Gold takeover, and Western Copper and Gold’s (TSX:WRN) Casino open-pit mine project located about 300 km northwest of Whitehorse.
“Modern infrastructure is key to developing and properly managing the incredible natural resources we have at our fingertips. By providing easier access to important resources across Yukon, the Yukon Resource Gateway Project will help create good, middle-class jobs, promote long-term economic prosperity,” the PM said during a speech.
On the same note, Samson Hartland, executive director of the Yukon Chamber of Mines, told the Canadian Press that the plan is visionary. “This is not about three or four specific mining projects. This is about unlocking Yukon’s mineral potential,” he said.
Both political and industry leaders made clear that every aspect of the project will be consulted with local First Nations, who have expressed concern over its environmental impact.
5 Comments
Goon
It’s about time that mining becomes a priority again in Canada. Ring of fire is also in need of govt backing, but this money being put in, will just be more debt added onto the backs of tax payers, for the benefit of the few corps that will profit from it.
With First Nations development being a good intent, often they are the ones who get sidelined and left footing the bill for corp misbehaviour. Ask the Inuit of NU how well their partnership with BIM is going.
$7+M owed to them now since they agreed to allow the mine to begin operating.
Paul
Once again another “promise” with measured funds, but no timeline. Did The Justin buy some colourful Yukon socks while there?
gksrcn61
The Road to Gold needs to be made ready,
Posilutely
Interesting.
Not that many votes in the Yukon?
Is da little man confused?
patentbs
If Canada wants to own any Arctic land they have to several things to attract and maintain a population base. Communications, education, and transportation are all part of the package required. This type of expenditure is for the nation – not the mines.
BUT, 247 million dollars is a pittance, probably about the same as the cleaning bill in the PMO!