Wolverine Zinc Mine to Go on Care and Maintenance

CBC News reported that the Wolverine zinc mine in the Yukon will shut down for a few months due to low metals prices. Yukon Zinc Corp., the mine’s owner has released no information to the public.

As quoted in the market news:

A letter to suppliers from the company’s chairman and chief executive officer, Jingyou Lu, says low metal prices have “significantly” affected the company’s revenues. He says the mine will be shut down for two to three months, but suggests it could last longer than that.

“Depending on market conditions and funding availability, we may elect to re-start operations after the temporary shutdown,” the letter reads.

Jingyou says the operation will enter into a “care and maintenance” phase and layoffs have begun.

Click here to read the full CBC News report.