Silver sale: Mine near Yukon-B.C. border sold for $250 million

The Silvertip Mine on the B.C.-Yukon border has been acquired by a major U.S. silver producer, Coeur Mining. The news is being welcomed in Watson Lake, Yukon, where some of the workers live.

American company acquires Silvertip mine from Canadian owners

The Silvertip mine started production in 2016 mining silver, zinc and lead. (JDS Silver )

The Silvertip mine on the B.C.-Yukon border has a new owner.

Coeur Mining is the biggest silver-mining company in the United States. The company has announced it's finalizing the purchase of the mine in a deal worth about $250 million.  

The news is being welcomed in Watson Lake, Yukon, says George Morgan, Chief of the Liard First Nation. 

"We're pleased that we have a strong new owner, it means more stability for the mine, which means more stability for Kaska workers," said Morgan.

He said about 30 members of the Liard First Nation work at the site. The mine is in B.C, but is close to the Yukon border about 90 kilometres west of Watson Lake.

Silvertip started production last year mining silver, zinc and lead.  The previous Canadian owners, JDS Silver projected it would employ more than 150 people during production. 

JDS Silver, which is based in Vancouver, acquired the property in 2013. The company describes itself as a "mine development platform" which develops projects from exploration to production.

The new owners have agreed to pay off $15 million dollars worth of debt as part of the deal.

Coeur Mining already has projects in the U.S., Bolivia and Mexico. This purchase is the company's first venture in Canada.