North American Tungsten Corporation, a Canadian mining company, sought help to wind down operations after unfavorable market conditions affected the profitability of one of its mines. The company filed for Companies’ Creditors Arrangement Act protection in June 2015. When the company was unable to find a purchaser for its operating mine, Gordon Brothers partnered to sell the underground and aboveground mobile equipment assets on an agency commission agreement as part of a joint venture. The assets were associated with the Cantung Mine located in the Northwest Territories and included underground and surface mobile equipment, genset units, lab equipment, shop machines and tooling, and service vehicles.
Through our industry connections, we were able to sell off the assets despite their remote location. We were able to offer a comprehensive remarketing solution to North American Tungsten Corporation and provide the company with liquidity to survive the market downturn.