The Yukon Minister of Energy, Mines, and Resources Ranj Pillai said this week at the provincial legislature that Yukon Zinc might sell its Wolverine Mine very soon.
According to Pillai, his office has been backing a weeks-long process that involves the sale of the zinc, silver, copper, lead and gold asset to an undisclosed buyer.
The mine is located southeast of Ross River. It has been closed since 2015 after owner Yukon Zinc lost over $100 million in each of the three years it was in production. The mine went through bankruptcy protection and this resulted in over 200 people losing their jobs.
The restarting of operations may be good news for those who lost their way of living, as quite a bit of work would be needed.
Wolverine is fully flooded and, according to provincial government officials, there is water coming out of the portal and being diverted over to the water storage pond. This is something the new owners would have to deal with while complying with territorial rules.
2 Comments
18wheel
I bet he’s backing it – praying someone will take it off his hands, more like.
wags1
I’m assuming that at one point in time things penciled-out just fine. What went wrong?
I’d like to see an analysis of why what originally appear to be good mines go bad.