Wolverine mine attracts potential buyers

Wolverine mine attracts potential buyers Yukon Zinc has begun discussions with potential investors and buyers for its Wolverine mine, according to a company news release.

Yukon Zinc has begun discussions with potential investors and buyers for its Wolverine mine, according to a company news release.

The financially troubled company has been under creditor protection since March 13 on $646 million in debt.

In April the company began the process of seeking new investors or potential purchasers of the property or its assets.

At the same time, Yukon Zinc is continuing to restructure its operations towards the goal of convincing its Chinese state-owned parent company to continue providing funds.

This process is being overseen by PricewaterhouseCoopers Inc., as Yukon Zinc’s court-appointed monitor.

The company has already had discussions with several potential investors and purchasers, according to the news release.

This work is being done “with the intention of identifying an investor or purchaser that will preserve the company’s mining assets and, in due course, recommence mining activities at the Wolverine mine.”

The deadline for making an offer is June 8. A progress update will be presented to the Supreme Court of British Columbia on June 12.

Yukon Zinc announced a temporary closure of the Wolverine mine in January.

Almost all employees were notified of temporary layoffs. If those layoffs become permanent, $714,000 would be owed to employees in severance, according a monitor’s report filed with the court.