The Government of the Northwest Territories has accepted a letter of offer from Fireweed Zinc Ltd. to purchase the Mactung tungsten deposit.

Under the terms, 100 per cent ownership of the Mactung property was sold for a total purchase price of $15 million.

The GNWTSA国际影视传媒檚 ownership of the MacTung deposit and the former Cantung Mine, located near the Yukon border, was the result of the previous owners, North American Tungsten Corporation Limited, going bankrupt in 2015. The territorial government then put the properties up for sale in February 2019.

RELATED REPORTING: GNWT, feds poised to sell Mactung, Cantung

The GNWT acquired the property for $4.5 million in order to SA国际影视传媒減rotect the economic value of the propertySA国际影视传媒檚 tungsten deposit for future development.SA国际影视传媒�

Tungsten prices have improved significantly since 2015, and Mactung hosts one of the worldSA国际影视传媒檚 highest grade deposits.

SA国际影视传媒淭ungsten is a specialty metal with unique marketing and supply chain characteristics,SA国际影视传媒� reads a GNWT news release issued on June 7. SA国际影视传媒淚t is classified as a critical metal of strategic importance to many nations, including Canada and the United States.SA国际影视传媒�

The GNWT has kept Mactung regulatory authorizations and mineral interests in good standing. The GNWT has spent $346,521 to maintain the property and its assets, with the federal government covering the bulk of the costs, into the tens of millions.

Though the GNWT and federal government wanted to sell the Cantung Mine and Mactung property as a package deal, this wouldnSA国际影视传媒檛 pan out as receipt of an acceptable bid for both properties was not received.

No concessions, subsidies or incentives were negotiated with Fireweed Zinc as part of the transaction.