Cantung Mine
Cantung Mine is a tungsten producer in the Nahanni area of the Northwest Territories, Canada, located northeast of Watson Lake in the Flat River Valley of the Selwyn Range close to the Yukon border. Tungsten was originally discovered in the area in 1954 by prospectors. Cantung Mine operated from 1962 to 1986, again from 2002 to 2003, and most recently reopened in 2005. Production was suspended from October 2009 to October 2010, and the operation has remained in continuous operation to the present day.
The original company that developed the mine was Canada Tungsten Mining Corporation Limited, with Cantung being a short abbreviated form of the company name. The small community of Tungsten was established for workers and their families. It was an open-pit operation until 1974 when the newly discovered underground deposit was brought to production. It closed due to low tungsten prices in 1986. It was purchased by North American Tungsten Corporation of Vancouver in 1997. Stephen Leahy, Chair and CEO, recognized the potential for Cantung tungsten production because 85% of the world's tungsten reserves are in China:
With higher prices in the new millennium, the new owner, North American Tungsten Corporation, reopened the mine for production in 2002. The mine again closed in 2003 when the company's creditors recalled their loans, putting the company on the verge of bankruptcy.
After a re-finance, the mine reopened September 1, 2005. By November 2007, North American Tungsten stated that Cantung had approximately two years of tungsten reserves left, but combined with its Mactung operation, the two hold 15% of the world's known tungsten. Leahy is optimistic:
Coordinates: 61°57′25″N 128°12′10″W / 61.95694°N 128.20278°W
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