Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY (AP) -- A mining company operating in Utah's west desert has shut down operations, furloughed employees and filed for bankruptcy protection.
Copper King Mining Corp. says it hopes to emerge stronger from Chapter 11 bankruptcy after reorganizing its debts and raising money.
The company says it ran into financial and operational problems and couldn't honor contracts to supply customers.
The company had 85 employees and opened a mill outside of Milford in Beaver County about a year ago. It was producing iron ore and cooper concentrate and smaller amounts of gold and silver from the Hidden Treasure Mine.
Copper King said in a filing Tuesday at the U.S. Bankruptcy Court for Nevada that it was unable to pay for mining leases, workers, lawyers or operations and had its power disconnected.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
