North American Tungsten lays off 50 Cantung Mine workers
50 employees laid off permanently on July 3 following temporary layoffs in June
Fifty people have been permanently laid off from North American Tungsten's Cantung Mine in N.W.T., near the Yukon border.
North American Tungsten is under court-ordered creditor protection. It owes more than $79 million to more than 200 companies.
On June 1, the company announced 80 workers would be temporarily laid off over a six-week period.
The latest report by its appointed monitor says 50 employees were permanently laid off on July 3. It says North American Tungsten is "unable to pay current and ongoing operating expenses."
The report says the company is looking to borrow $3 million and will sell off equipment to pay down some of its debts. It hopes that will allow the mine to stay open until October.
North American Tungsten has declined to comment.