Company shutters camp at Nunavut mine

(The Canadian Press)
(The Canadian Press)

Elgin Mining has shut down its camp at Nunavut’s Lupin gold mine site in Canada’s eastern Arctic blaming falling gold prices.

The Vancouver-based company was hoping to reopen the former mine near the border with the Northwest Territories.

It had budgeted more than $9 million for work at the site this summer but the company has now cut those costs by $5.3 million.

The plan now is to do the minimum to keep its permits in good standing.

In a news release, the company stated work could resume at the site if the markets change.

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