The future of the Canmine refinery in Cobalt remains unclear as the parent company restructures its financial obligations under the Companies Creditors Arrangement Act.
The corporation has retained the Beacon Group of Toronto to act as advisers. In early August, only weeks after ramping up to full production, the company obtained a 30-day protection order from creditors, while a plan of arrangement was being prepared to submit to the courts for approval.
The high-tech facility is designed for the production of cobalt and nickel chemical compounds and the recovery of other precious metals.
The $30-million plant was built by previous owner Cobatec in 1995. The new owner, Canmine, has made about $12 million in capital upgrades and improvements.
