Gordon Brothers, Hilco Industrial and AM King Industries announced today that they have commenced an orderly sale process to sell certain mining assets of North American Tungsten Corporation as part of a joint venture. NATC is a Canadian mining company headquartered in Vancouver, British Columbia. The assets are associated with the company's Cantung Mine located in the Northwest Territories and include underground and surface mobile equipment, genset units, lab equipment, shop machines and tooling, and service vehicles.
NATC filed for Companies' Creditors Arrangement Act ("CCAA") protection in June 2015 after unfavorable market conditions affected the profitability of the business. The company was unable to find a purchaser for its operating mine, and transitioned to a care and maintenance program supported by its lender and the Government of Canada.
"We are pleased to be able to offer a comprehensive remarketing solution to North American Tungsten and its constituents and find other productive uses for this mining equipment," stated a spokesperson for the joint venture. "We have already received several inquiries from interested buyers."
Gordon Brothers, Hilco and AM King have valued and monetized hundreds of millions of dollars of similar assets worldwide and were selected by North American Tungsten' s lender to market and sell the equipment because of their expertise in mining and across other industrial sectors. For more information and a full listing of available assets please visit: www.gordonbrothers.com/NATC or contact: NATC@gordonbrothers.com or (617) 422-7832.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothersconducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across four continents.
About Hilco Industrial
Hilco Industrial (www.hilcoind.com) provides industrial asset disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales. It sells the broad range of industrial assets found in manufacturing, wholesale and distribution companies. Hilco Industrial performs dispositions through on-site, online and combination webcast auction sale events as well as negotiated (private treaty) sales. In addition to providing services on a fee or commission basis, Hilco Industrial has capital to put at risk and often acquires assets or provides guarantees. Hilco Industrial is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), the world's leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory, operational consulting and strategic capital equity investments.
About AM King Industries
A.M. King Industries, Inc. (www.amking.com) is a global leader in mining and processing equipment acquisition, sales and plant dismantling and demolition. Since 1979, A.M. King worked throughout the world buying & dismantling processing plants and selling pre-owned used and un-used mining, processing and construction equipment to customers worldwide. A.M. King has the wherewithal to locate, remove and transport equipment to virtually anywhere on the globe, and provides the following services to their clients and customers: Equipment Sales & Demolition of Pre-Owned & Un-Used Mining, Construction & Processing Equipment, Industrial Dismantling & Demolition, Packing, Loading, & Shipping and Inspections and Estimations/ Valuations. A.M. King works with both small and large mining companies and engineering firms to provide equipment options to reduce capital costs and accelerate project timelines. A.M. King has over USD $400 Million in equipment assets either owned or under exclusive consignment to offer.
