NWT tungsten mining company’s stocks plummet, prompting clean-up concerns – Northern Journal

June 10, 2015

North American Tungsten under creditor protection due to financial troubles

The owner of two mining properties in the Northwest Territories went into creditor protection on Tuesday due to crumbling finances, leaving some in the territory concerned about the company’s ability to pay for site remediation in the event that operations are discontinued.

North American Tungsten Corp. (NATC), which owns and operates the Cantung mine and Mactung property in the NWT near the Yukon border, recently petitioned the B.C. Supreme Court to be put under creditor protection while it restructures its finances.

According to the petition, the company has $84.4 million in liabilities, $14 million of which are unsecured, and an estimated book value of $27.9 million.

Read More: http://norj.ca/2015/06/nwt-tungsten-mining-companys-stocks-plummet-prompting-cleanup-concerns/