A preliminary economic assessment values Selkirk Copper's plan to restart the Minto copper-gold-silver mine in Yukon at $494 million after tax, nearly triple the $186 million needed to rebuild it, with first concentrate targeted for late 2028.
At a glance
- The PEA gives Minto an after-tax net present value of $494 million against $186 million in restart costs.
- The study assumes a 13-year mine life producing 18.4 million tonnes of ore from open-pit and underground workings.
- Selkirk Copper targets a feasibility study and permit amendment in the second half of 2027, aiming for first concentrate in late 2028.
Background
Minto is a past-producing copper-gold-silver mine in Yukon. The Selkirk First Nation completed its acquisition of full legal ownership of the mine in October 2025, forming Selkirk Copper Mines to pursue a restart. A preliminary economic assessment (PEA) is an early-stage study estimating a project's costs and returns before more detailed feasibility work and permitting begin.
What the study found
A preliminary economic assessment released this week values Selkirk Copper Mines' plan to restart the Minto copper-gold-silver mine in Yukon at $494 million after tax. That is nearly triple the $186 million the company would need to spend to bring the mine back into production. The study puts the post-tax internal rate of return at 47.8%, with the investment paid back in 1.9 years.
The PEA assumes Minto processes 18.4 million tonnes of ore over a 13-year mine life, combining open-pit and underground mining. It uses planning prices of $5.00 a pound for copper, $3,600 an ounce for gold and $50 an ounce for silver.
Why a restart looks attractive
Minto's economics stand out mainly because it is a brownfield restart, not a mine built from scratch. Much of the mill, power supply and site infrastructure from the mine's earlier production era is still in place. That is why the rebuild cost is only $186 million against a $494 million valuation, and reusing existing infrastructure also cuts the time to first production compared with building a new mine.
The PEA follows a resource update weeks earlier that nearly tripled Minto's contained metal estimate compared with the previous year's figure. That gives the company a larger base of ore to plan the restart around.
What comes next
Selkirk Copper plans to move to a full feasibility study and pursue a permit amendment in the second half of 2027, with first copper concentrate targeted for the second half of 2028. The Selkirk First Nation, which became Minto's outright legal owner in October 2025, now holds an 18.2% stake in Selkirk Copper Mines, the company formed to redevelop the site.
A positive PEA is not a construction decision. Selkirk Copper still needs the feasibility study to confirm the costs and prices assumed here, plus the amended permit, before it can commit to restarting the mine.
Our read
Outlook: neutral. This is a company-specific development milestone rather than a supply event large enough to move copper prices, since Minto's past output was a small fraction of global mine supply.
What to watch
- Whether the feasibility study due in the second half of 2027 confirms the PEA's costs and returns.
- Progress on the permit amendment needed before construction can start.
- Copper, gold and silver prices relative to the study's assumed levels.
For information only, not investment advice.
Copper price in India
metalscost.com India reference price as of 2026-10-03.
Detailed analysis
Timeline
- 2025-10-29: Selkirk First Nation completes acquisition of full legal ownership of the Minto mine.
- 2026-09-23: Selkirk Copper releases a positive PEA valuing the Minto restart at $494 million.
Technical view
Price is mixed relative to its 20-period and 50-period moving averages, showing no clear trend alignment.
Computed from metalscost.com's own stored price history.
Related
Canada