Canada’s Nord Resources Suspends Mine to Cut Costs

5 July 2010 (Last Updated July 5th, 2010 18:30)

Canada's Nord Resources will temporarily suspend mining at the Johnson Camp mine and lay off 43 workers, to cut costs. The copper mine developer said the decision comes as it reduces costs and tries to improve the efficiency of its operations. Nord said its production level can co

Canada's Nord Resources will temporarily suspend mining at the Johnson Camp mine and lay off 43 workers, to cut costs.

The copper mine developer said the decision comes as it reduces costs and tries to improve the efficiency of its operations.

Nord said its production level can continue near the current rate for the next few months and then will slowly decline until the resumption of mining and crushing operations.

The company said resumption of operations depends on its ability to refinance an existing secured loan facility and the ability to raise additional working capital.