TORONTO – Ivernia Inc. (TSX:IVW) says its Paroo Station mine in Western Australia will be shut down until further notice due to weak prices for lead, which is trading around 30-month lows.
The Toronto-based company says its managmeent has begun discussions with lenders, employees, customers and other stakeholders about suspending Paroo’s operations.
Ivernia says the mine will be cared for to keep it ready for a return to production once prices for the industrial metal improve.
Ivernia president and CEO Wayne Richardson said cost-cutting efforts haven’t been enough to offset the decline in lead prices on the London Metals Exchange.
“In order to protect shareholder value and conserve the viable deposits of our ore body, the decision has been made to place the mine on care and maintenance until further notice,” Richardson said in a statement.