The owners of the Silvertip mine on the B.C.-Yukon border have suspended operations, citing low prices for lead and zinc.
The mine is located 90 kilometres southwest of Watson Lake, Yukon, and is owned by Chicago-based Coeur Mining. The company bought it in 2017, a year after the underground mine had gone into production.
The company’s website says there are 167 employees at Silvertip.
A news release from Coeur on Wednesday blames deteriorating zinc and lead markets for the “paused” operations.
The market slump “represents significant headwinds to our ability to generate positive cash flow,” according to a written statement from company CEO Mitchell Krebs.
The release says the company will continue to drill for new deposits at the site, in hopes of extending the mine’s life.
It does not say when mining and processing activities might resume.
According to the release, Coeur will also look into expanding the Silvertip mill to increase production when the mine reopens.
The company owns four other mines in North America, including the Kensington gold mine near Juneau, Alaska.