Northvolt CEO steps down after bankruptcy filing
Peter Carlsson, co-founder and leader of Northvolt since 2016, will remain as advisor as he quit a day after the firm filed for bankruptcy.
Nevada Copper (TSX: NCU) has temporarily suspended production at its Pumpkin Hollow project as a result of stringent travel and workplace restrictions imposed by the state government to contain the spread of covid-19.
In mid-March, the company announced it would continue production ramp-up at the Pumpkin Hollow underground mine despite uncertainties in the macro-environment. Stricter measures to combat the covid-19 outbreak have been introduced by the state since then, including a statewide stay-at-home order issued by the governor last week.
The restrictions have led to significant operational delays and work constraints affecting the company, Nevada Copper said, and their continued impact without mitigation measures prevent it from continuing effective operations.
Nevada Copper has spent about $200 million to develop the Pumpkin Hollow mine
The temporary suspension of production is anticipated to last for at least six weeks, subject to revision in response to any further government-mandated measures.
During this period, essential mine services will continue onsite, including reduced underground mine development, Nevada Copper said.
The company said it is also reviewing various cost reduction initiatives to preserve liquidity and is in close consultation with its senior project lender, KfW IPEX-Bank. Nevada Copper has spent about $200 million to develop the Pumpkin Hollow mine.
The underground mine and processing facility at Pumpkin Hollow entered into production in December of last year. The operation has the capacity to produce 65 million pounds of copper-equivalent per year at all-in sustaining costs (AISC) of $1.86/lb, with possibilities for further expansion.
