Rio Tinto buys $25M stake in Yukon's Casino mine project

Published at: May 18 2021 - 10:03 / Updated at: May 18 2021 - 10:03

Yukon's massive Casino mine project has a new investor, and it's one of the biggest mining companies in the world — Rio Tinto, according to CBC Canada.

Rio Tinto Canada Inc. has bought a $25.6-million stake in the Casino project, which is owned by Western Copper and Gold. The Casino project is located in central Yukon, about 300 kilometres northwest of Whitehorse. It is one of the largest copper-gold deposits in the world.

The project has been in the works for years and the proposed mine is now in the environmental assessment phase. If approved, the mine is expected to have a life of about 22 years, employing about 1,000 people during the four-year construction phase and 400 people when in operation.

Western Copper and Gold will remain the sole owner of the Casino project, and its operator. Rio Tinto's investment will go toward a feasibility study and further exploration.