The Minto mine has repaid a Yukon Energy loan in full, some four years ahead of schedule.
As part of the Power Purchase Agreement with the mine, Yukon Energy agreed to provide an $18 million loan, repayable at 6.5 percent over seven years (to November 2015). The money was used to cover the cost of the spur line into the mine property, plus a $7.2 million contribution to the main Carmacks-Stewart transmission line.
“The reason for the loan was to allow the Minto mine to go into operation, providing jobs for Yukoners, boosting the economic prosperity of the territory, and providing us with a firm customer that would help reduce rates for other customers,” Yukon Energy president David Morrison said, noting that rates to residential customers decreased by 2.47 percent as a result of Minto coming on line. “Ratepayers also benefitted from the $3.7 million in interest that we earned on the loan.”
“The fact that the mine has been so successful that it has been able to repay the loan early is great news for the Corporation and for Yukoners in general,” Morrison added. “It means we no longer have a loan outstanding on our books and we can use the funds to work on other projects.”
Contact:
Janet Patterson
Communications, Yukon Energy Corporation
(867) 393-5333
janet.patterson@yec.yk.ca
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