Pimenton mine in Chile goes bankrupt
High-grade gold mine runs out of cash
One of the world’s highest-grade gold mines has been closed and its operator has declared bankruptcy due to a lack of working capital.
The Pimenton mine, owned by Toronto-based Cerro Grande Mining (CNSX:CEG), was 10th on MINING.com’s 2015 list of the top 10 high-grade underground gold mines with gold grades of 11.1 grams per tonne.
But the mine has had a cash flow problem and on May 12 Cerro Grande announced that the mine would close “due to a combination of a lack of adequate working capital and a series of snow storms that have and …
Read the full article at: http://www.mining.com/pimenton-mine-chile-goes-bankrupt/