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North American Tungsten Corporation Ltd. (the “Petitioner”

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StockRoomBully   Monday, 01/13/20 10:36:52 AM
Re: Thrifty123 post# 982
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North American Tungsten Corporation Ltd. (the “Petitioner” or the “Company”) filed an application before the Supreme Court of British Columbia (the “British Columbia Court”) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended (the “CCAA”).

The British Columbia Court made an order (the “Initial Order”) on June 9, 2015, granting the Petitioner the protections afforded by a stay of proceedings until July 9, 2015 while the Company pursues restructuring initiatives under the CCAA. The initial stay of proceedings has been extended until April 30, 2020.

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it is possible the federal government could find a new owner to resume mining before remediation work happens and the site is closed



The Initial Order appointed Alvarez & Marsal Canada Inc. as Monitor of the business and financial affairs of the Petitioner in the CCAA proceedings. On November 16, 2015, the British Columbia Court granted an order enhancing the powers of the Monitor to provide for enhanced supervision and oversight to the Company’s care and maintenance operations.



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Meanwhile, in the N.W.T. the Cantung Mine (which can only be accessed through the Yukon), is owned by the North American Tungsten Corporation which has been under creditor protection since 2015. North American Tungsten is responsible for care and maintenance of the mine and work is being done in conjunction with the federal government to look at closure options. With tungsten and copper reserves still in the ground,

it is possible the federal government could find a new owner to resume mining before remediation work happens and the site is closed




https://www.alvarezandmarsal.com/northamerican



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