Myra Falls Mine, a metals mining company based in Campbell River, British Columbia, announced that it will be placed on long-term care and maintenance starting December 18, 2023, due to financial unviability from rising operating costs and prolonged low metal prices. The mine has entered creditor protection under the Companies' Creditors Arrangement Act (CCAA) for restructuring.

General Manager Hein Frey acknowledged the difficult impact of this decision on employees and stakeholders, attributing it not to their efforts but to adverse market conditions. The aim is to eventually resume operations when the market improves.

Since its 2019 acquisition by Trafigura Pte Ltd., the mine has accumulated over $300 million in liabilities and has consistently operated at a loss, exacerbated by declining zinc prices and escalating production expenses. Myra Falls Mine Ltd. employs 370 workers, including 265 union members. The mine's ongoing operations have been sustained by shareholder loans from its parent company, Trafigura.

During the CCAA proceedings, Trafigura US will provide a Debtor-in-Possession (DIP) loan. FTI Consulting serves as the court-appointed monitor. Legal representation includes Gowling WLG for Myra Falls Mine, Blakes for FTI Consulting, McCarthy Tetrault for Wei Wai Kum First Nation and other parties, and Dentons for Thyssen Mining.