Myra Falls Mine Ltd., CCAA

Myra Falls Mine Ltd., a Campbell River, British-Columbia-based metals mining company, obtained CCAA protection on December 18. The company lists over $300 million in liabilities, including over $60 million to Singapore-based Trafigura Pte Ltd., its indirect parent. The company has 370 employees, including 265 unionized members. Since the acquisition of the business by Trafigura in 2019, the mine has been unprofitable and has been dependent on shareholder loans from Trafigura to fund its operations. The mine’s inability to achieve profitable operations has been impacted by the decreasing price of zinc and increased production costs. Trafigura US will be providing a DIP loan to the company during the CCAA proceedings. FTI is the monitor. Counsel is Gowling WLG for the company, Blakes for the monitor, McCarthys for Wei Wai Kum First Nation et al. and Dentons for Thyssen Mining.

By: Dina Milivojevic