Yukon Zinc, owner of Wolverine mine, put into receivership – by Jackie Hong (Yukon News – September 16, 2019)

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Yukon Zinc Corporation, the company that owns the troubled Wolverine mine, has been put into receivership. Yukon Supreme Court Justice Suzanne Duncan approved an order putting PricewaterhouseCoopers Inc. in charge of the company’s affairs Sept. 13 following a short hearing in Whitehorse.

Under the order, PricewaterhouseCoopers Inc. will be allowed to, among other things, “take possession of and exercise control” over the Wolverine mine, carry out care and maintenance activities, manage legal proceedings and debts, and sell, transfer or lease assets as required.

The order is the result of a petition the Yukon government filed back in July, in which it requested Yukon Zinc be put into receivership due to “increasing uncertainty about Yukon Zinc’s ability to manage the site.”

Among the issues are repeated failures to maintain environmental standards at the mine, located about halfway between Ross River and Watson Lake, and Yukon Zinc having put forward less than a third of the $35,540,000 in security required for the operation.

The Yukon government has been on-site undertaking environmental mitigation and reclamation efforts, seizing $1.44 million of the furnished $10,588,966 in security to fund the work.

For the rest of this article: https://www.yukon-news.com/news/yukon-zinc-owner-of-wolverine-mine-put-into-receivership/