The Myra Falls polymetallic mine on Vancouver Island is shutting down again, and the mine’s owners are seeking creditor protection.
The Myra Falls underground mine produces copper, lead and zinc, and is located in the very heart of B.C.’s oldest provincial park — Strathcona — in a special exclusion zone. It employs roughly 300 miners.
The mine was shut down in 2015 by the previous owner, Switzerland’s Nyrstar, but restarted in 2017. It was sold in 2020 to Trafigura Mining Group.
Trafigura today announced it is placing the mine in care and maintenance, and has applied to the BC Supreme Court for creditor protection while it restructures.
“Since 2019, Myra Falls Mine has made significant investments to modernize the Myra Falls mining and milling operation,” Trafigura said in a news release. “Unfortunately increased operating costs and depressed metal prices over a sustained period of time mean the operation is no longer financially viable and the mine will be placed on long-term care and maintenance from Monday December 18, 2023.”
"We recognize that this decision will be difficult news for our employees and other stakeholders and is in no way a reflection of the hard work and commitment of our people in recent years,” said Myra Falls Mine manager Hein Frey.
“Myra Falls Mine will now undergo a period of restructuring with the aim of returning to active operations in the future when market conditions allow."
