Chinese invest in Yukon tungsten

A Chinese metal producer is investing $19.4 million in the development of the Mactung tungsten project, one of the Yukon’s largest prospective…

A Chinese metal producer is investing $19.4 million in the development of the Mactung tungsten project, one of the Yukon’s largest prospective tungsten mines.

Hunan Nonferrous Metals Corporation, China’s largest nonferrous metals producer, bought 9.9 per cent of North American Tungsten Corporation.

The company owns and operates the Cantung tungsten mine along the Yukon-NWT. border.

Planning is underway to develop the promising Mactung site.

The Yukon government is taking credit for its role in the deal.

“We’ve been very pleased to have a major role in facilitating the agreement between North American Tungsten and Hunan Nonferrous Metals,” said Economic Development Minister Jim Kenyon last week.

“We’ve been working very closely for a long, long time.”

Kenyon spoke from Toronto where he was attending a conference of the Prospectors and Developers Association of Canada.

The annual conference draws 21,000 delegates from more than 100 countries.

The tungsten deal was announced just after markets closed on Wednesday and is still subject to approval of the TSX Venture Exchange.

The deal is expected to close in 30 days.

Representatives from the Chinese firm visited the territory last summer.

“This is a good example of what we’ve been doing to facilitate the investor visits and investor network bringing investment into the Yukon,” said Kenyon.

 “And if all options are taken up over time we’ll probably see (investments) in the neighbourhood of $60 million.”

“I think it’s very, very important that everyone realizes that as with any Yukon business or industry the development of North American Tungsten properties will follow all the standard regulations and permitting requirements,” he added.

“They will be treated in exactly the same way.”

The Mactung project is said to be one of the largest undeveloped tungsten projects in the world.

Hunan, Kenyon pointed out, controls one of the largest production facilities in the world.

“So we’re merging the largest source with the largest producer,” said Kenyon.

“Once the site goes to a working mine, then we will be one of the major exporters of tungsten in the world.”

Just Posted

The Yukon has confirmed 33 active COVID-19 cases on June 15. (file photo)
A new study has discovered beaver castoreum on a 6,000-year-old Yukon atlatl-throwing dart. Photo courtesy of Yukon Government.
Beaver casotreum residue found on 6,000-year-old atlatl throwing dart

The discovery of beaver castoreum on a throwing dart could be the first instance where its use has been identified in an ancient archaeological context

The Yukon’s current outbreak of COVID-19 is driven by close contact between people at gatherings, such as graduation parties. (Black Press file)
Yukon logs 21 active cases as COVID-19 spreads through graduation parties

Anyone who attended a graduation party is being asked to monitor themselves for symptoms.

Yukon RCMP and other emergency responders were on the scene of a collision at Robert Service Way and the Alaska Highway on June 12. (Black Press file)
June 12 collision sends several to hospital

The intersection at Robert Service Way and the Alaska Highway was closed… Continue reading

The sun sets over Iqaluit on Oct. 26, 2020. Nunavut’s chief public health officer says two COVID-19 cases at Iqaluit’s middle school came from household transmission and the risk to other students is low. (Emma Tranter/Canadian Press)
Iqaluit school’s contacts and classmates cleared after two COVID-19 cases

With an outbreak ongoing in Iqaluit, the Aqsarniit middle school has split students into two groups

An extended range impact weapon is a “less lethal” option that fires sponge or silicon-tipped rounds, according to RCMP. (File photo)
Whitehorse RCMP under investigation for use of “less lethal” projectile weapon during arrest

Police used the weapon to subdue a hatchet-wielding woman on June 4

Sean Kilpatrick/Canadian Press
Citizenship Minister Marco Mendicino holds a press conference in Ottawa on Nov. 12, 2020. The federal government is announcing that Indigenous people can now apply to reclaim their names on passports and other government documents.
Indigenous people can now reclaim traditional names on their passports and other ID

The move comes in response to a call to action from the Truth and Reconciliation Commission in 2015

Teslin Lake is one of two bodies of water the Yukon Government has place on flood watch. (Google Maps Image)
Flood watch issued for Teslin Lake, Yukon River at Carmacks

The bodies of water may soon burst their banks due to melting snow and rainfall

Kluane Adamek, AFN Yukon’s regional chief, has signalled a postponement to a graduation ceremony scheduled for today due to COVID-19. She is seen here in her Whitehorse office on March 17. (Crystal Schick/Yukon News file)
AFN Yukon’s post-secondary grad celebration postponed

The event scheduled for June 14 will be rescheduled when deemed safe

(Alexandra Newbould/Canadian Press)
In this artist’s sketch, Nathaniel Veltman makes a video court appearance in London, Ont., on June 10, as Justice of the Peace Robert Seneshen (top left) and lawyer Alayna Jay look on.
Terror charges laid against man accused in London attack against Muslim family

Liam Casey Canadian Press A vehicle attack against a Muslim family in… Continue reading

Dr. Michael Patterson, Nunavut’s chief public health officer, poses for a portrait in the boardroom outside his office in Iqaluit, Nunavut, on Sept. 30, 2020. (Emma Tranter/Canadian Press)
Two cases of COVID-19 at Iqaluit school, 9 active in Nunavut

Nunavut’s chief public health officer says two COVID-19 cases at Iqaluit’s middle… Continue reading

The Village of Carmacks has received federal funding for an updated asset management plan. (Crystal Schick/Yukon News file)
Federal funding coming to Carmacks

The program is aimed at helping municipalities improve planning and decision-making around infrastructure

Most Read