Nov 19 (Reuters) - Miner Atna Resources Ltd on Thursday filed for Chapter 11 bankruptcy protection, hurt by a fall in gold prices, and said it planned to restructure its business by selling assets.
The company has filed for bankruptcy in Colorado and will also seek ancillary relief in Vancouver, Canada.
In the past year, a slowdown in China’s economy and slumping commodity prices have pushed many miners into bankruptcy. Spot gold prices have fallen by 9.5 pct this year through Wednesday.
Atna has posted losses and steep declines in revenue in the last two years.
At the end of 2014, Atna had total debt of $23.8 million and total liabilities of $33.7 million.
The company, which also mines zinc and copper, had targeted production of 55,000-65,000 ounces of gold earlier this year.
Atna Resources has mines in Yukon and British Columbia in Canada and owns 6 unpatented mining claims in the Blue Bird Prospect in Granite County, Montana. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Anil D’Silva and Saumyadeb Chakrabarty)