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IQ applies to place Monarch under CCAA protection

15th November 2023

By: Creamer Media Reporter

     

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Investissement Québec, one of Monarch Mining’s creditors, has filed a request with the Quebec Superior Court to place the miner under the protection of the Companies' Creditors Arrangement (CCAA).

Monarch earlier this month cautioned that IQ intended to use its legal right to claim its assets as collateral for C$10-million in debt owed.

The gold mining company owns three projects, including the Beaufor mine which is currently on care and maintenance. Other assets include the McKenzie Break and Swanson properties, all located near the Beacon mill.

Monarch owns 14 316 ha of mining assets in the prolific Abitibi mining camp that hosts a combined measured and indicated gold resource of 478 982 oz and a combined inferred resource of 383 393 oz.

Monarch at the end of August started slowing down its mining activities at Beaufor, after a slower ramp-up of the mill following a number of mechanical and procurement issues, as well as problems with the grade reconciliation of the material stockpiled, caused by cash restrictions.

In September, the mine was placed on care and maintenance.

Edited by Creamer Media Reporter

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