Operators of a cash-strapped refinery in Cobalt are seeking investors and partners in a restructuring attempt to reopen the plant and preserve 30 jobs.
Under court-ordered bankruptcy protection from creditors, Canmine Resources, which has invested $14.5 million in the plant to date, is receiving advice from the Beacon Group of Toronto in their restructuring process. The company was forced to seek court protection only weeks after making the plant operational.
The plant produces cobalt and nickel chemical compounds, as well as copper, silver and other metal byproducts. Canmine also owns a cobalt deposit in northwestern Ontario and nickel operations in Manitoba.
Financial problems and feed shortage forced the refinery's previous owners into bankruptcy several years ago. Canmine acquired the plant for $6.1 million in 1999.