Gordon Brothers announced today that they have commenced an orderly sale process to sell certain mining assets of North American Tungsten Corporation (“NATC”) as part of a joint venture. NATC is a Canadian mining company headquartered in Vancouver, British Columbia. The assets are associated with the company’s Cantung Mine located in the Northwest Territories and include underground and surface mobile equipment, genset units, lab equipment, shop machines and tooling, and service vehicles.
NATC filed for Companies’ Creditors Arrangement Act (“CCAA”) protection in June 2015 after unfavorable market conditions affected the profitability of the business. The company was unable to find a purchaser for its operating mine, and transitioned to a care and maintenance program supported by its lender and the Government of Canada.
“We are pleased to be able to offer a comprehensive remarketing solution to North American Tungsten and its constituents and find other productive uses for this mining equipment,” stated a spokesperson for the joint venture. “We have already received several inquiries from interested buyers.”
Gordon Brothers, Hilco and AM King have valued and monetized hundreds of millions of dollars of similar assets worldwide and were selected by North American Tungsten’ s lender to market and sell the equipment because of their expertise in mining and across other industrial sectors. For more information, contact: [email protected] or (617) 422-7832.