The federal Department of Indian and Northern Affairs, the Yukon government and Teck Cominco have terminated their memorandum of understanding (MOU) on the management of assets at the defunct Faro base metals mine, near Whitehorse, Y.T.
The parties entered into the MOU in August 1999 to keep the assets of the mine site intact, the intention being to ensure the mine would be a candidate for reopening when metal prices improved.
Termination of the MOU has no impact on work of Deloitte & Touche, the court-appointed interim receiver for the mine. The firm remains responsible for preserving the assets and all environmental work.
The interim receivership of the Faro property is the subject of ongoing court proceedings in Ontario.
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