A legal petition against the company that owns the Minto Mine over alleged non-payment of invoices has been resolved.
In December 2022 Linkan Engineering Canada ULC, a subsidiary of a multinational engineering firm, petitioned the Yukon Supreme Court seeking orders for Minto Metals Ltd. to pay the approximately $1 million the company claimed it was owed for work completed since late 2021.
At the time, Minto’s CEO Chris Stewart said the company disputed Linkan’s claim and planned to vigorously defend it in court. It seems that Minto won’t have to, as notice that the legal proceedings had been discontinued was filed by Linkan with the Yukon Supreme Court on Feb. 8. Liens against Minto’s assets that the engineering firm filed under the Yukon’s Miners Act were also discharged Feb. 8.
Stewart described a challenging financial situation for the mine over the past year, but one that he said is well on its way to being corrected. The challenges included a temporary shutdown of its mill for a period of time so the company could ensure that an unusual amount of spring run-off water was properly treated. He called the water treatment efforts an example of Minto’s commitment to limiting the impact the mine’s operation has on the environment.
Although the mill shutdown was one of a series of financial setbacks the company faced, Stewart says the future outlook for Minto is positive. He noted a recent anomaly detected beneath the mine during a summer 2022 magnetotellurgics survey. The company’s notice about the anomaly says that drill tests of the anomaly are part of the aggressive resource growth and discovery drill program that the mine has planned for 2023.
Stewart said it is hoped the anomaly represents a thicker lens of ore than had been discovered so far at Minto. He says Minto remains bullish on the copper market overall heading into 2023.
Contact Jim Elliot at firstname.lastname@example.org