Copper King Mining Corp., a Utah-based company that built and operated a $60 million copper mill just outside of Milford in Beaver County, has filed for Chapter 11 bankruptcy.
The company maintains the filing will allow it to reorganize its debts and bring in additional capital so it can emerge from bankruptcy with a healthy balance sheet and a more-competitive cost structure.
Copper King's management has been working to bring in new capital, but it has been a challenge, said spokesman Charles A. Moskowitz, who noted the company furloughed its 85 employees several weeks ago. The Salt Lake Tribune
