More news out of the Endako Mine as the facility will now be moved from temporary suspension, to care and maintenance as of July 1st.
Due to this change, 270 employees who were originally suspended will now be forced out of a job.
Thomson Creek Metals, the majority interest holders of the mine, say that total costs for 2015, which include care and maintenance costs, as well as severance payouts – will be approximately $20 million dollars.
While in 2016, this number will shrink to around $4 to $5 million, with a total cash flow from their molybdenum business only sitting between $10 and $15 million.
President and CEO of Thomson Creek Jacques Perron says they had hoped for a recovery in the molybdenum market, however conditions have remained the same and thus they cannot support profitable operations at the mine.
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