Financially troubled Trevali Mining has suspended operations at its Caribou mine, in Canada, and placed the expansion of its Rosh Pinah mine, in Namibia, on hold, as the miner filed for protection from its creditors.
Trevali was on Friday granted an initial order for protection from the British Columbia Supreme Court under the Companies’ Creditors Arrangement Act (CCAA). The zinc miner last week defaulted on a $7.5-million debt payment, having suffered several setbacks lately, including a flooding event that shuttered its Perkoa mine, in Burkina Faso, and low productivity rates and equipment availability at Caribou.
The company on Friday opted to suspend operations at Caribou, citing operational and financial challenges.
“The decision to suspend operations is a difficult but necessary step to address challenges at the Caribou mine,” said president and CEO Ricus Grimbeek.
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