Updated: Mar 2
This happened on October 8, in Ontario, where Chieftain Metals was incorporated. The decision is important because as long as Chieftain was in receivership, British Columbia was limited relative to closure and cleanup actions it could pursue with Tulsequah Chief. By law, the value of the asset in receivership – in this case the mine – could not be diminished – in this case with closure and clean up – as long as it had that receivership status. Clearing the receivership gives BC’s Ministry of Energy, Mines, and Petroleum Resources far more leeway to take needed remediation action.
The decision did leave open a two year window in which the receivership could potentially be reinstituted in the unlikely event a purchaser of the defunct and long polluting Tulsequah mine comes forth, but that possibility seems highly unlikely and after two years any receivership opportunity will be closed completely.
Meanwhile preliminary remediation work has started since the plan’s release in August, with a crew on site beginning closure. There are still many hurdles ahead, including securing funding to advance the work. But having the on the ground remediation efforts started is a huge step, and furthermore, BC now has more flexibility in carrying out that work going forward. Our job now is to do all we can to keep the mine closure and cleanup process on track toward completion in a way worthy of the Taku and its outstanding conservation and cultural attributes.
A press release regarding this announcement is available below: