Selkirk First Nation partners with venture firm to take over Minto mine

Selkirk First Nation is teaming up with a venture company to launch a new entity which will take ownership of the Minto mine – a deal which will also make it the mine’s largest shareholder. The announcement comes nearly one month after the First Nation in central Yukon became the first in Canada to fully purchase a mine site. “We are proud to take ownership of this important copper-gold mine located on our Settlement Land,” said Chief Sharon Nelson in a press release. “We believe there still are significant resources beneath our land and nearby that can support a promising future for this venture and our First Nation.” The Minto mine, a copper-gold mine, is located 240 kilometers north of Whitehorse. It was abandoned in 2023 by its former owner, Minto Metals Corp., after it ran into financial problems. The mine was then placed into a court ordered receivership with PricewaterhouseCoopers. The First Nation completed its purchase of the mine last month for a total of around $6.1 million. According to the release, natural resource company Venerable Ventures entered into a letter of intent with the First Nation on June 29 to purchase its subsidiary, 843093 Yukon Inc., which technically owns the mine. The B.C.-based venture firm, which specializes in the acquisition, exploration and development of mineral properties, provided Selkirk with technical support during its purchase of the mine. The company now plans to incorporate its own subsidiary, which will amalgamate with 843093 Yukon Inc. The new entity will be renamed Selkirk Copper Mines Inc. and will “acquire a 100% interest” in the mine, as per the release. Instead of a cash payment, the First Nation will receive $15 million in 28.6 million common shares, making it Selkirk Copper Mines Inc.’s majority owner. It will also get the opportunity to nominate two of its six directors. Read more:                          Selkirk First Nation given control of Minto Mine in Yukon Nelson said plans are underway to start an extensive drilling program as soon as possible to expand the mine’s resource base. “And, as owners, we will be in a position to ensure the highest standards of environmental performance for the company,” she said. A portion of the initial sale offerings will go towards the drilling program and costs inherited with the project, as well as pay for working capital. The release states Venerable Ventures is now conducting engineering work and studies at the site with the aim of resuming copper-gold production within the next couple of years. APTN News reached out to Nelson and representatives for Venerable Ventures for comment but did not hear back. Continue Reading