The sale of mineral claims and leases surrounding the abandoned Minto Mine to Selkirk First Nation was approved on June 13
The Yukon Supreme Court has approved the sale of intangible assets from the receiver of the abandoned Minto Mine located in-between Pelly Cross and Beaver Creek to Selkirk First Nation on June 13.
Justice Suzanne Duncan ruled that Selkirk First Nation now owns the mineral rights and leases for claims previously held by Minto Metals Corp, marking a shift in control of the Minto Mine. In September 2024, the court approved Selkirk’s bid to acquire the mine’s rolling and hard assets, including buildings, equipment and the mine’s mill.
The mine was up for sale after it was abandoned Minto Metals in the spring of 2023. It was placed under the authority of Pricewaterhouse Coopers, acting as a court-appointed receiver. The receiver marketed the mine and considered three unsuccessful bids in an effort to pay those who were owed money by the mine’s previous owners. When a buyer could not be found, the receiver sought court approval to begin liquidating the mine’s assets; the process of selling to Selkirk followed this.
Greg Fekete, a lawyer representing Selkirk First Nation, told the court that the approval of sale marks the first instance of a First Nation owning and controlling a mining operation.
The intangible assets, valued at about $740,000 according to Bryan Gibbons, a lawyer for the receiver, will grant Selkirk’s subsidiary the right to explore and drill on newly acquired mineral claims and leases in the region.
Drilling on claims ordered for sale is expected to begin as early as summer, with plans to target both existing and new claims, Fekete told the court. He added that the subsidiary may reassess drill samples to determine the feasibility of reopening the Minto Mine.
The future of Minto Mine remains uncertain as Selkirk’s subsidiary is not guaranteeing reopening the mine, Fekete said. A decision on whether the mine will reopen following economic feasibility assessments is expected toward the end of 2026, Gibbons said.
The court also heard that reclamation efforts are being prepared, with Selkirk’s subsidiary set to take over the process by April 2026.
The Yukon government will require a closure plan and other reporting requirements to be in place by December 2027, with licences expected to be assigned the following year the court heard.
Fekete told the court that future mining operations could cost tens of millions of dollars and that Selkirk’s subsidiary does not intend to operate the mine alone if it reopens. To maintain capital flow, he said the company is exploring cost-sharing opportunities, including accessing public markets through an initial public offering.
Despite the unprecedented nature of the sale, Fekete told the court Selkirk First Nation does not intend to remain the sole owner. To ensure the project’s economic viability, the mine seek outside investment while retaining some level of direction over its development through an eventual partnership.
The Minto Mine sits on a block of Selkirk First Nation settlement land and the sale could create opportunities for stronger environmental due diligence, Fekete said. In September 2024, Selkirk First Nation Chief Sharon Nelson told the News that the First Nation would not approve any work at the site if environmental protections were inadequate or if the project lacked sufficient funding.
While Selkirk has previously collaborated with mine owners on environmental practices, it has never had full decision-making authority over business operations.
Upon approving the order, Duncan congratulated Selkirk First Nation on its venture to take over operations at the abandoned Minto Mine. She emphasized that an environmental stewardship approach could be a positive step in addressing the legacy of environmental challenges associated with mining in the Yukon.
Chief Nelson and Selkirk’s technical team are expected to brief media on the second phase of the sale on June 19.
-With files from Jim Elliot
Contact Jake Howarth at jake.howarth@yukon-news.com
