A shutdown of a small Yukon copper mine is a reminder the energy transition won’t work if miners don’t follow ESG, minister says. Read on.
Soon after the announcement of the shutdown, authorities from the Yukon government took control of the mine. Mining operations have stopped, but the government is working to ensure the mine doesn’t become an environment liability by continuing the water treatment process and taking steps to ensure no overflow of mine waste.
Demand for metals such as copper and lithium have increased in recent years given their necessity in electricity-related infrastructure and batteries used in electric vehicles. The mining industry is on the hunt to find more deposits that produce these metals since there is an immense shortage as the world looks for ways to meet its climate goals. Larger mining companies such as Glencore PLC, Barrick Gold Corp. and Newmont Corp.
The Minto mine is a relatively small producer of copper and its shutdown isn’t likely to impact Canada’s overall production. Still, Streicker believes the mine has the potential to run for several more years. The minister said Minto had provided the Yukon government with a financial security of about $75 million. The security is given by mine owners for the costs of reclaiming or closing a mine site. However, when the mine was reassessed, the government saw increased risk around water treatment, and asked for around $17 million in additional security.Article content
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