The downturn in commodity prices and a failure to achieve late-September financing has forced Liberty Mines to put its Timmins-area Redstone and McWatters mines on care and maintenance.
The company's Redstone nickel concentrator is also affected.
Desjardins Securities has been taken on as a financial advisor to explore the company's options, which include changes to its capital structure, a possible sale or merger, or another business combination.
A special committee will look at some strategic alternatives, chaired by Donald Schurman, Liberty's director and chairman of the board.
"In these difficult financial times, a company needs to be flexible and creative in order to survive," said Liberty Mines' president and CEO Gary Nash in a release. "Liberty is rich in mining assets and is seeking a business combination with a partner who is looking for first-class mining assets that can finance our growth and production plans."
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