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Capstone Mining says cuts won't lead to layoffs at Yukon's Minto mine

Capstone Mining says company-wide spending cuts shouldn't result in layoffs at its Yukon property.

Minto has performed better than expected, helping cover losses at another mine, says manager

Capstone Mining says company-wide spending cuts shouldn't result in layoffs at its Minto copper mine in Yukon. (Capstone Mining Corp.)

Capstone Mining says company-wide spending cuts shouldn't result in layoffs at its Minto mine in Yukon.

The copper mine is located about 240 kilometres northwest of Whitehorse, near Pelly Crossing.

Ron Light, manager of Minto, said he's not expecting layoffs but said some vacant positions not involved in production may be left vacant. 

He said Minto has performed better than expected this year and is helping cover losses at another mine.

"We've had an exceptional year compared to our budget," Light said.

"We've changed our mine plan a few times to try to get some extra pounds of copper out and help reduce our actual cash cost and I think that's certainly helped out Capstone." 

Capstone Mining, which has other operations in the United States, Mexico and Chile, is cutting $20 million on capital expenditures this year and another $20 million on operating costs.

It's blaming low copper prices for the cuts. 

Last year, one of Minto's contractors laid off about 100 workers while the mine's water licence was pending. The licence, granted last month, allowed the company to start rehiring. The mine says the new water licence will extend the life of the mine until 2021. 

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