https://www.engineeringnews.co.za

IQ applies to place Monarch under CCAA protection

15th November 2023

By: Creamer Media Reporter

     

Font size: - +

Investissement Québec, one of Monarch Mining’s creditors, has filed a request with the Quebec Superior Court to place the miner under the protection of the Companies' Creditors Arrangement (CCAA).

Monarch earlier this month cautioned that IQ intended to use its legal right to claim its assets as collateral for C$10-million in debt owed.

The gold mining company owns three projects, including the Beaufor mine which is currently on care and maintenance. Other assets include the McKenzie Break and Swanson properties, all located near the Beacon mill.

Monarch owns 14 316 ha of mining assets in the prolific Abitibi mining camp that hosts a combined measured and indicated gold resource of 478 982 oz and a combined inferred resource of 383 393 oz.

Monarch at the end of August started slowing down its mining activities at Beaufor, after a slower ramp-up of the mill following a number of mechanical and procurement issues, as well as problems with the grade reconciliation of the material stockpiled, caused by cash restrictions.

In September, the mine was placed on care and maintenance.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.045 0.797s - 140pq - 2rq
Subscribe Now