Natural Resources ÎÚÑ»´«Ã½ today announced $60 million in funding to help electrify mines in the Golden Triangle of northwestern ÎÚÑ»´«Ã½ and the Yukon, including the Galore Creek copper mine.
The Galore Creek copper project – said to be ÎÚÑ»´«Ã½’s largest undeveloped copper mine -- is a joint venture between Newmont Corp. (TSX:NGT,NYSE:NEM) and Teck Resources (TSX:TECK.B,NYSE:TECK).
“The Galore Creek deposits contain over 12 billion pounds of copper and, once in production, will significantly increase ÎÚÑ»´«Ã½’s annual copper supply,” Natural Resources ÎÚÑ»´«Ã½ says in a press release.
Copper is among the 31 minerals and metals on ÎÚÑ»´«Ã½’s critical minerals list – metals considered critical to the energy transmission and decarbonization.
Newmont and Teck are planning a 43-kilometre access road to connect the mine site to existing infrastructure. It will also provide a transportation corridor for a new transmission line.
NRCan today announced it will provide up to $20 million through its Critical Minerals Infrastructure Fund (CMIF) to help pay for the new access road.
“Galore Creek has the potential to significantly increase ÎÚÑ»´«Ã½’s production of the copper needed for the energy transition and global development, generating jobs and economic activity, in alignment with Teck’s focus as a Canadian-based energy transition metals company,” said Teck CEO Jonathan Price.
“This investment by the Government of ÎÚÑ»´«Ã½ will support the development of infrastructure needed to advance critical mineral projects and strengthen the nation’s mining sector.”
NRCan will also provide $40 million through the CMIF fund to the Yukon government for pre-feasibility work on a proposed 765-kilometre high-voltage transmission line that would tie the Yukon into the ÎÚÑ»´«Ã½ and North American grid.
“This regional project has proposed energy infrastructure located in two priority regions for critical minerals development — Yukon’s Cassiar and Tanana regions and ÎÚÑ»´«Ã½’s Golden Triangle,” NRCan says.
“The transmission line could support projects producing critical minerals such as cobalt, copper, molybdenum, nickel, platinum group metals, tungsten and zinc in the Yukon and northern ÎÚÑ»´«Ã½”
“These two projects, under the Canadian Critical Minerals Strategy’s flagship program, will develop the necessary infrastructure to access and transport our rich critical mineral resources in northern ÎÚÑ»´«Ã½ and the Yukon,” said Natural Resources Minister Jonathan Wilkinson.
“Developments like these help mines get built faster, and they are a key element in seizing the generational opportunity before us. These investments are needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs across British Columbia and the Yukon.”
