With the Tungsten market returning to form and a forecast of strong future growth, the Government of the Northwest Territories and Government of Canada will work together to find a buyer for the Cantung mine and Mactung deposit.
Minister of Industry, Tourism and Investment made the announcement during a NWT-focused industry event at AME Round up in Vancouver, BC.
The joint sales approach is designed to maximize benefits to NWT residents by combining the significant resources of the GNWT-owned Mactung deposit with the infrastructure already in-place at the Cantung mine site - currently under the care and maintenance of the federal government.
Cantung and Mactung include 113 Mineral Claims and 38 Mineral Leases straddling the border of the Northwest Territories and Yukon. The Department of Industry, Tourism and Investment has maintained all of these in good standing.
The GNWT took possession of the Mactung Tungsten deposit in 2015 with the expressed intent of selling it when markets recovered.
To enhance its marketability, abandoned waste and hazardous materials were removed from the Mactung site last summer.
The NWT Geological Survey has also completed field studies to increase geological information and understanding of the deposit for potential buyers.
Incentivizing responsible development to make the most of the NWT’s mineral potential is part of the GNWT’s mandate handed down by the 18th Legislative Assembly.
“Advancing this project would be good for the Northwest Territories. Working in partnership with the federal government to market an attractive package with world-class resources of a commodity on the upswing to private sector players with the skills to develop them is the best way forward.”
-Wally Schumann, Minister of Industry, Tourism and Investment
- Cantung was an operating Tungsten mine which shut down in 2015 due to low commodity prices and heavy debts from its parent corporation North American Tungsten.
- Mactung is an adjacent property with large identified Tungsten resources. It had not yet been developed.
- The responsibility for the care and maintenance of Mactung including the mineral tenure rests with the Department of Industry, Tourism and Investment.
- The Government of Canada is responsible for the management of the surface lands of the Cantung mine, including its care and maintenance and remediation.
- The GNWT retains administration and control of the mineral rights for the Cantung Mine.
Senior Cabinet Communications Advisor
Government of the Northwest Territories
PH: (867) 444-9684