Myra Falls Mine to be placed on long-term care and maintenance
CAMPBELL RIVER, BC, Dec. 18, 2023 /CNW/ - Since 2019, Myra Falls Mine has made significant investments to modernize the Myra Falls mining and milling operation. Unfortunately increased operating costs and depressed metal prices over a sustained period of time mean the operation is no longer financially viable and the mine will be placed on long-term care and maintenance from Monday December 18, 2023. Myra Falls Mine has sought creditor protection under the Companies' Creditors Arrangement Act to enable the company to be restructured.
Hein Frey, General Manager of the Myra Falls Mine said: "We recognize that this decision will be difficult news for our employees and other stakeholders and is in no way a reflection of the hard work and commitment of our people in recent years. Myra Falls Mine will now undergo a period of restructuring with the aim of returning to active operations in the future when market conditions allow."
Creditors are advised to contact the Court Appointed monitor under the CCAA proceedings - FTI Consulting Canada Inc.
Email: [email protected]
Telephone hotline: 833-516-8999
Website: http://cfcanada.fticonsulting.com/myrafalls/
SOURCE Myra Falls Mine
Media enquiries: [email protected]
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