It is clear that the Faro mine remains a very high-cost producer; despite higher commodity prices, plans to re-open the mine are not in the offing. If the mine does re-open, it is very likely that far fewer people will be employed there.
Since 1997, Faro has undertaken a number of initiatives to ensure that it remains vibrant and vital. These include establishment of a full nine-hole golf course, assisting the private sector with promoting housing sales, and resurrecting the annual Farrago Music Festival. In partnership with the community of Ross River, people in Faro planned and initiated the development of the Dena Cho Trail, an 80-km hiking route that links the two communities.
The town also constructed an aircraft fuelling facility that is accessible 24 hours a day. To develop mining tourism in the community, the town refurbished an ore-hauling truck and put it on display in the rest stop near the entrance to the community. The community is currently negotiating to move more mining equipment from the mine site to this location.
Other initiatives include Fannin sheep viewing sites and cabin; new bed and breakfast accommodations; a new hotel and restaurants and a catering service. Additional visitor services include development of The Faro Arboretum, the Fingers wildlife viewing site, a multi-use trail network, and the Campbell Region Interpretive Centre, with permanent exhibits on wildlife, geology, history and mining.
In part due to these successful initiatives, Faro residents are optimistic about economic opportunities and growth for the community in the future. Ultimately, the size of the population in the next five years will depend on the community's efforts to diversify and expand its economic base and to encourage more people to make Faro their home.
The mainstay of Faro's economy is its core of small businesses that provide services to the community and its visitors. These include a grocery store, hardware store, hotel, restaurants, delicatessen, gas station and convenience/gift store, as well as furnace-service and construction companies. Faro also has two realtors, a crafts supplies provider, a cleaning supplies distributor, and a satellite dish provider, in addition to tourism operators and outfitters. Several artists have also chosen to live in Faro.
Home-based businesses are becoming a more important part of the local economy, and include everything from bed and breakfast operations to a taxidermy shop and a pickle-making operation. While in many cases these businesses are not the operators' sole source of income, they are increasingly significant to the economic vitality of the community.
Ongoing environmental and clean-up work at the mine provides a significant economic contribution to the economy of the community. This work may increase in the future, which would yield additional economic benefits (e.g. jobs).
The Town of Faro is focusing on tourism for possible economic growth. Faro is located on the edge of the Yukon Plateau, an area particularly rich in wildlife and scenery. A growing emphasis on wilderness tourism activities in Faro has led to the development of hiking trails, multi-use trails (such as the Dena Cho Trail), gold-panning activities, canoeing and other potential Pelly River initiatives, fly-in fishing operations, hunting, wildlife viewing (Fannin sheep, bears, birds and salmon) and cross-country skiing. All of these offer the potential for employment and revenue. The town offers good community facilities for visitors, and it encourages and supports new tourist ventures built on emerging adventure and wilderness activities.
Events such as the Farrago Music Festival and the Ice Worm Squirm Winter Carnival have brought economic and social benefits to the community over the past several years. In addition, they create a positive awareness of the community on the part of Yukoners and people outside the territory. The community considers these types of events valuable marketing events for Faro and continues to support them.
Co-marketing Faro with the Robert Campbell Highway's tourism potential (including its wildlife viewing opportunities) could generate significant economic benefits for Faro. Although much of the marketing material has already been developed, Faro continues to develop products to promote the community and the region.
Faro also serves as the home base for a number of families that have a family member working outside the community. These people chose to keep Faro their home because of their love for the community and the surrounding region. Their incomes contribute to the local economy.
