The Yukon Supreme Court approved the transfer of control of the Minto Mine to the Selkirk First Nation, which is located on traditional Selkirk First Nation land.
Minto Metals Corp abruptly abandoned the Minto Mine in May 2023 when it started bankruptcy proceedings. It was once a significant copper-gold operation and the sudden closure left the site in disarray, creating environmental concerns and financial liabilities for the region.
Following the shutdown, PricewaterhouseCoopers (PwC) stepped in as the receiver, responsible for managing the site and finding potential buyers or solutions for its assets.
Selkirk First Nation’s path to gaining control of the mine began when initial attempts to sell it through conventional means failed. After exploring various options, the receiver entered negotiations with the Selkirk First Nation, resulting in a court-approved sale. The transaction included the mine’s facilities and equipment, setting a precedent for managing abandoned industrial sites in the future.
The Selkirk First Nation has committed to ensuring environmental integrity, focusing on addressing existing issues like the subsurface cyanide plume, which poses significant risks.
“It’s an evolution in ownership for Indigenous communities,” says John Desjarlais, the Saskatchewan-based executive director of the Indigenous Resource Network.
“I’m excited to see Indigenous communities exploring the opportunity of investing in mine ownership. If this goes through, it would be unprecedented. If they do their due diligence there is no reason why they can’t be owners.”
With control of the mine, they plan to manage these concerns while also exploring economic opportunities. Reopening the mine could provide employment and economic benefits for the community.
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Federal government added CAD$5B to help
This acquisition represents a broader shift towards Indigenous self-determination and resource sovereignty, giving the Selkirk people control over culturally and historically significant lands.
While the financial details are still under discussion, the Selkirk First Nation’s involvement could lead to innovative approaches to financing and remediation.
In this year’s budget, the federal Liberal government allocated CAD$5 billion to help Indigenous groups acquire equity in mining projects, though it remains unclear if the Selkirk First Nation is seeking that funding.
According to a CBC report, the Selkirk First Nation aims to prevent the mine’s permanent closure by acquiring the asset. In a document filed with the court by PwC at the end of August, the First Nation outlined plans to complete drilling and exploration to evaluate the possibility of restarting the mine, while also confirming it will not interfere with the territory’s remediation efforts.
The territory holds financial security for the site and can use the funds to cover the reclamation work. Water treatment at the site is ongoing, and storage capacity is increasing.
In April, Yukon Minister of Energy, Mines and Resources John Streicker announced that the government allocated CAD$21.5 million in this year’s budget to support ongoing work at the mine site. He clarified in a press release that the funds will come from the financial security collected from Minto Metals before its closure, ensuring no taxpayer money is used.
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