Whitehorse Daily Star

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Pictured above: RON LIGHT

Minto Mine lengthens operating plan, no layoffs anticipated

The Minto Mine has extended its operating plan by 2 1/2 years and possibly longer, mine manager Ron Light said this morning.

By Chuck Tobin on April 26, 2017

The Minto Mine has extended its operating plan by 2 1/2 years and possibly longer, mine manager Ron Light said this morning.

“We heard a bit of good news today,” he said from Vancouver, where he’s attending the annual general meeting of the parent company, Capstone Mining.

“At current copper prices, we are anticipating running to mid-2020.”

Light said there is also the possibility of extending the mine life out to 2022.

The mine was planning to move into temporary closure this December.

Light said the news of the company’s decision to run through to mid-2020 came today on a regular conference call to discuss the results of the first three months of mining at Minto this year.

He said the decision to extend the operating plan was made by Capstone president Darren Pylot and senior vice-president Gregg Bush.

“The decision was based on several months of reviewing our mine plan and costs,” he said.

As of the end of March, the Minto Mine had 144 of its own employees along with 162 contract employees, including 60 Pelly Construction Ltd. employees involved with the open pit mining, the underground miners and catering staff.

Open pit work for the Pelly crew was expected to run out this June.

With this morning’s announcement, the company is not anticipating layoffs, Light explained.

He said they still have to determine exactly how the mining plan will unfold from here on, but the plan to run into mid-2020 identifies additional open pit and underground targets.

Determining the sequence of how the new targets will be brought on will have a bearing on operations, but “we do not have any plans for layoffs at this time,” said the mine manager.

Copper market records show how the price of copper has taken a rough ride over the last five years.

In April 2012, the price was nosing up against $4 US per pound but then started falling.

It continued its downward spiral until it bottomed out in February 2016 at just under $2 a pound.

It began to rebound slightly but never much beyond $2.20 a pound until mid-October 2016, when it started a steady upward climb to the recent peak at $2.75 a pound in late January.

This morning, copper was trading at $2.58 a pound.

Light said they’re happy at $2.50 a pound, would take $3.50, but are happy at $2.50.

“Right now we are planning to continue without layoffs for as long as possible,” Light told the Star.

“I think the good news is we are not shutting down in December 2017.”

Comments (3)

Up 1 Down 0

Good on May 2, 2017 at 7:38 pm

This is good news for all Yukoners. I wish people would stop trying to politicise these things

Up 13 Down 12

The Yukon Party on Apr 26, 2017 at 6:11 pm

put this into business. Markets changed the out look. Liberals will kill our economy.

Up 10 Down 36

Harry Fleick on Apr 26, 2017 at 3:27 pm

This mine sure has been doing well since the Liberals came to power.

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