Vancouver's Western Canadian Coal Corp. (TSX:WTN) is shutting down its Willow Creek mine in northeastern B.C. only weeks after starting up production.
The company said the volatile and rapidly changing economic environment is reducing the demand for metallurgical coal. Western will therefore temporarily suspend operations and future capital expenditures at the mine by the end of the week.
Decisions on whether it will restart mining operations will occur after next year's coal prices and demand becomes more certain.
The Willow Creek mine began production in mid-October on the assumption that coal prices and demand would remain at record highs.
Western Canadian Coal's share price range during the past week: between $0.49 and $0.56; 52-week high: $10.99; 52-week low: $0.43.