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Newmont Relinquishes Mining Claims to Maintain Environmentally Sensitive Area in the Yukon
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Newmont Corporation (NYSE:NEM) has agreed to relinquish 1,835 quartz mining claims, covering 88,707.5 net mineral acres, to support the Yukon government’s efforts to protect environmentally sensitive areas linked to the Peel Watershed Regional Land Use Plan. Newmont CEO Tom Palmer emphasized the company's commitment to sustainable mining and collaboration with First Nations. While historical exploration indicated potential for copper and gold mineralization, Newmont has not pursued active exploration in this region due to the Peel watershed plan.
Positive
Reinforced commitment to environmental sustainability by relinquishing mining claims.
Support of community objectives in collaboration with Yukon government and First Nations.
Negative
Surrendering claims indicates a missed opportunity for potential copper and gold mineralization.
DENVER--(BUSINESS WIRE)--
Newmont Corporation (NYSE:NEM, TSX:NGT) has announced an agreement with the Yukon Department of Energy, Mines and Resources (EMR) to relinquish 1,835 quartz mining claims, representing 88,707.5 net mineral acres, in support of Canada’s, the Yukon government’s and First Nations’ efforts to maintain environmentally sensitive areas associated with the Peel Watershed Regional Land Use Plan (‘Peel watershed plan’).
Newmont'sCoffee Project in Canada'sYukon Territory (Photo: Business Wire)
“Newmont’s purpose is to create value and improve lives through sustainable and responsible mining. We are pleased to honor that purpose by surrendering these mining claims in support of broader environmental objectives,” said Tom Palmer, President and Chief Executive Officer. “We are supportive of the Peel watershed plan and are doing our part to maintain this sensitive area. I congratulate all parties in their shared effort to protect the Peel River Watershed.”
“We are working together with First Nations to implement the regional land use plan for the Peel watershed that reflects our shared values,” said John Streicker, Minister of Energy, Mines and Resources. “We are pleased to see this next step taking place. I’d like to thank Newmont for making this land concession and contributing towards the protection of the Peel.”
In 2019, the Peel Plan was approved by the Yukon Government and Yukon First Nations including the Tr’ondëk Hwëch’in, the First Nation of Na-Cho Nyäk Dun, Vuntut Gwitchin First Nation and the Gwich’in Tribal Council. The plan provides direction on the management of land and resources in the Peel Watershed. Historical exploration on the claims by Newmont indicated that there is potential for copper and gold mineralization. However, the Company has not been actively exploring the area given the Peel watershed plan and is now surrendering these claims in support of broader community objectives.
Newmont continues to work cooperatively with the Yukon Government, Canada and First Nations to progress development of the Coffee Mine Project. Newmont’s Coffee Mine Project is a proposed open-pit and heap leach gold development project located in west-central Yukon, and it currently going through the Yukon Environmental and Socio-economic Assessment Board’s screening process.
About Newmont
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, visit us at www.newmont.com.
What did Newmont Corporation announce regarding mining claims on February 1, 2022?
Newmont Corporation announced the relinquishment of 1,835 quartz mining claims in Yukon to support environmental protection efforts.
How many acres are affected by Newmont's relinquished mining claims?
The relinquished mining claims represent 88,707.5 net mineral acres.
What is the significance of the Peel Watershed Regional Land Use Plan for Newmont Corporation?
The Peel Watershed Regional Land Use Plan is crucial as it guides land management and resource use, influencing Newmont's operational decisions in the region.
What potential did previous exploration indicate for Newmont's mining claims?
Historical exploration indicated potential for copper and gold mineralization in the relinquished claims.
Is Newmont Corporation still pursuing other projects in Yukon?
Yes, Newmont continues to work on the Coffee Mine Project in Yukon despite relinquishing the claims.
