Endako Mine suspends operations

It will be a bleak Christmas for about 400 workers at the Endako Mine east of Burns Lake.

It will be a bleak Christmas for about 400 workers at the Endako Mine east of Burns Lake.

Thompson Creek Metals, which holds a 75 per cent stake in Endako, announced Wednesday that it will place the Endako molybdenum mine on temporary suspension effective December 31.

The reason, according to a company press release, is due to continued weakness in the molybdenum market.

About half of the salaried employees at the Endako Mine will be laid off, resulting in estimated severance costs of approximately $1.7 million. Hourly employees at the mine were notified today that their employment will be temporarily suspended in 60 days, and will remain so suspended while the mine is on temporary suspension.

“We expected that the operational improvements that we implemented in 2014 would have been sufficient to keep the Endako Mine operating profitably during this prolonged volatility in the molybdenum market, but as a result of the current and expected molybdenum price weakness in the near term, we have no other option but to place the mine on temporary suspension,” said Jacques Perron, President and Chief Executive Officer of Thompson Creek. “We will continue to closely monitor market conditions and re-evaluate the status of the mine as market conditions warrant.”

Thompson Creek continues to operate Mount Milligan, its open pit copper/gold mine north of Fort St. James.

 

Just Posted

Burns Lake council takes action on housing issue

Council plans to invite several agencies to a meeting

Burns Lake athletes bring home gold

Cole Bender and Nicole Hamp stand out in Whistler

Burns Lake supports Nechako Watershed

Council has approved funding to help implement watershed strategies

Four influenza outbreaks in long-term care facilities in northern B.C. so far

Influenza season is bringing two predominant strains

Canada’s unemployment reaches historic low

B.C.’s unemployment rate lowest among all provinces

Initiation tournament in Burns Lake

The littlest Burns Lake Bruins hosted a tournament at the Tom Forsyth… Continue reading

LIVE: Solitary confinement in Canadian prisons unconstitutional: B.C. Supreme Court

Associations argued that solitary confinement was inhuman

1 in 4 B.C. consumers unable to pay bills, debt repayment: poll

Since interest rates first rose in July, poll suggests households across B.C. have had to tighten budget

SOGI rally disrupts school board meeting, but business carries on

Chilliwack school board makes statement in support of B.C.-wide gender identity teaching resource

154 remote B.C. communities to get high-speed internet

Government funding to bring subsea fiber optic cable to connect people on the coast

Kelowna West byelection called for Feb. 14

Four candidate race to replace departed former B.C. premier Christy Clark

Northwest husband and wife honoured for saving each other’s lives

BC Ambulance presented each a Vital Link Award for administering CPR

Bank of Canada hikes interest rate to 1.25%, cites strong economic data

The rate increase is expected to prompt Canada’s large banks to raise their prime lending rates

Trump aces mental aptitude test designed by Canadian immigrant

“This is a good example, I think, that will be helpful to change views about immigration. And maybe for Mr. Trump himself to consider immigrants as contributors to advancing science, advancing our societies.”

Most Read