Yukon Zinc Corporation, the Vancouver-based company that owned the now-defunct Wolverine mine, has been sold.
In emails Jan. 8, Yukon Zinc’s manager of corporate communications and administration, Alex Wu, confirmed that the company was sold to the Richmond, B.C.-based Phoenix Global Investment Inc. in November 2018.
The company is currently in a transition period, he added, and Phoenix Global Investment is not commenting on the sale at this time.
Wu confirmed that ownership and operations of the Wolverine mine are also being transferred to Phoenix Global Investment.
The mine, located in southeastern Yukon near Watson Lake, began production in 2011 but was shuttered in 2015 due to low metal prices. The mine has since been plugged and flooded, with little indication from Yukon Zinc that operations at the mine would resume anytime in the near future. The company’s water licence for the mine has also since expired.
In 2018, Yukon Zinc pleaded guilty to five charges related to violating conditions of its quartz mining licence for the mine and failing to comply with an inspector’s directions to remediate the site. It also owes close to $25 million in financial security for the mine, a condition of its quartz mining licence.
Department of Energy, Mines and Resources spokesperson Sue Thomas said in an interview Jan. 9 that the department is in the process of setting up a meeting with the new owner to find out its plans for Wolverine, and to ensure it’s aware of regulatory requirements.
(Jackie Hong)