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Mining Weekly reported that junior tungsten miner, Malaga, could potentially sell its Peruvian tungsten mine, the Pasto Bueno. The mine and mill were placed on care and maintenance in Q4 2012, raising concerns that the company could continue to operate from the project.
Mining Weekly reported that junior tungsten miner, Malaga, could potentially sell its Peruvian tungsten mine, the Pasto Bueno. The mine and mill were placed on care and maintenance in Q4 2012, raising concerns that the company could continue to operate from the project.
According to the Mining Weekly report:
The company said it was not in a position to meet its financial obligations. At March 31, its working capital deficit was $8.3-million.
During the first quarter ended March 31, the company was able to sell copper by-product and realised sales of $1.2-million. It had also cancelled its office lease in Canada, reducing its operating lease commitments for a cash settlement fee of $45 000.