Increased operating costs and depressed metal prices over a sustained period of time has made the Myra Falls Mine near Campbell River no longer financially viable and the mine is now closed for an extended period of time.
“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,” Hein Frey, General Manager of the Myra Falls Mine, said. “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.”
Myra Falls parent company, Singapore-based metals and energy company Tafigura, placed the mine in long-term care and maintenance on Monday, Dec. 18. It said in a statement that the mine has sought creditor protection under the Companies’ Creditors Arrangement Act to enable the company to be restructured and reopen sometime in the future.
Since 2019, Myra Falls Mine has made significant investments to modernize the Myra Falls mining and milling operation, the company said.
The mine is located in Strathcona Provincial Park at the south end of Buttle Lake southwest of Campbell River in the centre of Vancouver Island.