Gold Mountain Mining CFO Exits; Company Gets Demands for Payment From Contractors

Published: Jan. 10, 2024 at 2:42 p.m. ET

By Robb M. Stewart

Gold Mountain Mining’s chief financial officer has resigned as the Canadian precious metals miner faces demands for payment from contractors it currently is unable to pay.

The British Columbia-based company said it is in the process of identifying a successor after Simon Buckett’s resignation.

Two…

By Robb M. Stewart

Gold Mountain Mining’s chief financial officer has resigned as the Canadian precious metals miner faces demands for payment from contractors it currently is unable to pay.

The British Columbia-based company said it is in the process of identifying a successor after Simon Buckett’s resignation.

Two subsidiaries have received letters demanding payment from a pair of mine-site contractors for about 5.6 million Canadian dollars (US$4.2 million) for contract work on Gold Mountain’s Elk gold project in western Canada, the company said.

It said it is reviewing legal options, and while it doesn’t have the means to pay the amounts at this time it is seeking to find solutions to work with the groups.

Mining operations at Elk had been paused for the Christmas holiday break and remain paused, Gold Mountain said.

The company said C$4.7 million of this amount being demanded is related to expenses incurred by its mining contractor, and a notice of enforcement of security has also been received from this contractor regarding a previously announced and executed general security agreement.

Write to Robb M. Stewart at robb.stewart@wsj.com



This article was originally published by a www.marketwatch.com . Read the Original article here. .