Myra Falls Mine will be placed on long-term care and maintenance as of December 18th, effectively shutting down operations and seeking creditor protection.
The mine in Strathcona Provincial Park employs roughly 450 people and has been in operation since 1965 producing zinc, lead and copper ore.
Myra Falls was previously owned by Nyrstar and in 2019 Trafigura, an international resource company, became a majority shareholder.
In a press release, the mine says operations are no longer financially viable due to increasing costs and decreasing prices of metal.
“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,” said General Manager of Myra Falls Hein Frey.
“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.”
