Adanac Molybdenum granted creditor protection

The company behind a proposed open pit molybdenum mine near Atlin, B.C. has turned to the courts for protection from its creditors.

Adanac Molybdenum'srequest was granted by the Supreme Court of British Columbia onDec. 19. The company was given 28 days to restructure its finances.

Adanac had big plans forits Ruby Creek deposit,about 24 kilometres northeast of Atlin, but it needed to raise $600 million to put the mine into production.

The companysaid it asked forprotection under the Companies' Creditors Arrangement Act because it does not have enough moneyto pay its current bills.

The initial 28-day protection period expires Jan. 16 but the court could extend that.

The court appointed KPMG to monitorAdanac and review its ongoing operations.