April 25, 2008
Around Nunavut
Jericho to be mothballed
The Tahera Corp. will mothball its failed Jericho diamond mine by the end of this month, a company news release announced earlier this month.
The company says they'll stop processing ore by the third week of this month and then get the mine site ready to be put into care and maintenance.
Tahera filed for bankruptcy protection this past January, after a host of problems produced staggering financial losses over the previous year and a half.
In its financial report for the fourth quarter of 2007, produced for the Ontario Securities Commission, Tahera reported diamond production worth $11.6 million. But during the same period, the company ran up operating costs of $18.3 million.
Meanwhile, Tahera is still seeking expressions of interest from companies interested in buying the insolvent firm's assets. The deadline for submissions is April 28.
