Trevali stated the unit’s liquidity place had deteriorated considerably within the months following a flash flood at its Perkoa zinc mine in April, which trapped and killed eight miners.
The deadly occasion, the substantial funding necessities to hold out a restart of operations and the continued geopolitical uncertainty in Burkina Faso, together with the coup d’état on September 30, triggered Trevali’s resolution, it stated within the assertion.
The transfer follows the exit of the Vancouver-based miner’s president and chief govt Ricus Grimbeek and costs of involuntary manslaughter to 2 Perkoa mine managers final month.
It additionally comes after the corporate filed an utility for creditor safety below Canada’s Corporations’ Collectors Association Act (CCAA) and delisted from the Toronto Inventory Alternate. Trevali is at the moment below safety from its collectors in Canada till October 18.