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Gold/Mining/Energy : Anvil Range Mining
ARO 0.151-27.7%Apr 21 5:00 PM EST
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To: Roman who wrote (106)1/25/1998 12:47:00 PM
From: The Lone Ranger  Read Replies (1) of 143
 
CBC 12:30 P.M. NEWS MONDAY, JANUARY 19, 1998

1. The territory's Economic Development minister says he's working to protect Yukon interests in light of the shut down of the Faro mine. The mine announced Friday it's closing and seeking court protection from the people it owes money. Trevor Harding says a lawyer for the government is meeting today with creditors of the Anvil Range. (Ellen Jones) Anvil Range's creditors go to the Ontario high court this week to say what they think of Anvil's plan and time frame to reorganize finances. Harding says today's talks are informal but legal counsel will also be present in court to try to ensure Yukon companies and interests are protected. Harding says he's hopeful there will be support for finding away to keep the operation alive but so far he hasn't offered any government money. (Harding) "A government bailout hasn't been discussed per say. Obviously, we want to work with the creditors to try and find a solution to get people working and keep power rates at a reasonable level in the territory. We're going to have to see how this thing unfolds. The territory's not in a position financially for a big bailout." The Yukon government is not a creditor but it did lend the YEC $1.5 million dollars to get Anvil back on the power grid. Harding says any power Anvil uses in the next few weeks and in the future must be paid right away. The MLA for Faro is in Buenos Aires today as part of the Trade mission to South America. Harding says he doesn't plan to come home early. He says the shut down indicates the Yukon's economy needs to become more diversified and he says the work he's doing in South America is part of that plan. Harding says he'll be meeting on Saturday with the president of Anvil Range in Toronto and plans to return to Whitehorse on Sunday.
2. Meanwhile, the union representing the workers at the Faro mine says it's setting up a food bank. The United Steelworkers Union says two volunteers from its executive are heading it up but it says it needs at least four other volunteers to help run it. It's expected to open February 10th. The union says also says it's meeting with Anvil Range management today to sort out holiday pay questions and other concerns raised by workers. A general meeting with employees is set for next Monday.
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