Minto Metals Corp (TSX-V:MNTO) said it has ceased all operations at the Minto mine and has handed over control of the site to the Yukon government, which will prioritize environmental protection measures.
In recent years, Minto Metals has made significant investments to enhance the water treatment plants at the Minto mine and these improvements have doubled the mine's water treatment capacity, allowing both plants to operate at full capacity during the spring freshet.
In a statement, Chris Stewart, the president and CEO of Minto Metals commented: "Needless to say, ceasing operations at the Minto mine was an extremely difficult and disappointing decision that was not taken lightly.
"We are acting responsibly in co-ordination with the Yukon government to avoid any damage to the environment. We will update the market with future plans for Minto Metals as soon as possible."
The Minto mine, which began operations in 2007 and started underground mining in 2014, is situated within the traditional territory of the Selkirk First Nation in the Minto copper belt of the Yukon.
Over the years, it has produced approximately 500 million pounds of copper. Located about 20 kilometers west-northwest of Minto Landing and approximately 250 road kilometers north of Whitehorse, the capital city of Yukon, the Minto property occupies a strategic position west of the Yukon River.
As Minto Metals Corp enters this transitional phase, the company said it remains dedicated to maintaining open communication with the Yukon government and stakeholders to ensure a smooth and responsible transition.
Contact the author at jon.hopkins@proactiveinvestors.com