Still plenty of potential in Faro lead-zinc mine, says serial entrepreneur Don McInnes
The tiny Yukon town of Faro, a four-hour drive northwest of Whitehorse, would never have existed were it not for the nearby lead-zinc mine of the same name, which is said to have been the largest in the world at the time it was built in the late 1960s.
At its peak the town was home to 2,100 people, with the Faro mine accounting for 35% of Yukon’s GDP.
But after the mine’s owners went bankrupt, the mine shut down, the town’s population dwindled to 420 people and the federal government was left with what it described as “one of the most complex abandoned mine cleanup projects in Canada.”
To date, it has cost the Canadian government an estimated $500 million in environmental remediation and mine site care and maintenance. But the Faro mine district is far from exhausted of valuable metals.
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