Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Copper Mountain Mining (TSX: CMMC) says it has idled its mill at its mine operations near Princeton, British Columbia and switched operations to manual, following a ransomeware attack.
The company said in a news release that the company’s IT systems at its mine and its head office in Vancouver were seized in the malicious malware attack late on December 27.
Ransomeware is a malware program that criminals use for extortion by seizing control of computers. The victims are typically frozen out of their computers until they pay a ransom.
“The company quickly implemented its risk management systems and protocols in response to the attack,” the company said in a news release. “The company has isolated operations, switched to manual processes, where possible, and the mill has been preventatively shutdown to determine the effect on its control system.”
“The company’s external and internal IT teams are continuing to assess risks and are actively establishing additional safeguards to mitigate any further risk to the company. Copper Mountain is investigating the source of the attack and is in contact with the relevant authorities, who are assisting the company.
“There have been no safety or environmental incidents as a result of the attack. The company’s main priority is to continue to ensure safe operations and limit operational and financial impacts.”
This article first appeared in Business in Vancouver
