Yukon government invests $70K in Mining Alliance tour

The Yukon government is investing in the territory's struggling mining industry, putting $70,000 into the upcoming Yukon Mining Alliance tour.

The territory's department of economic development says it makes sense to invest in mining when mineral prices are in a slump. In recent months, the territory's Wolverine Mine has closed due to falling resource prices, and the Cantung Mine, located nearthe Yukon/N.W.T. border, has announced temporary layoffs, blaming low tungsten prices.

Corey Kanzig, a senior advisor with the department, says it's important the territory maintain a presence in the industry so investors come calling when prices rise again.

"History has told us that the commodity market is very cyclical," said Kanzig."So what goes down must come up at some point.

"So you certainly want to be at the forefront at the top of people's mind when the market does turn."

The Yukon Mining Alliance, a group of the territory's exploration and mining companies, will hostthetourAugust 10 to 14 in the territory. The goal is todrawpotential investorsand showcasemining operations across the Yukon.

Kanzig also says there are auxiliary benefits to the tour, including attendees later returning to the territory for vacations.