NEWS ROUNDUP — New receiver for Faro assets

A new court-appointed interim receiver has been appointed for the Faro mine assets of Curragh (TSE) in the Yukon.

Peat Marwick Thorne has replaced Deloitte and Touche, which was being partially funded by a group of creditors owed US$130 million by Curragh, Canadian Press reports.

Lawyer Dan Dowdall, who is representing the unsecured noteholders, said his clients decided to withdraw their funding for the upkeep of the mine site. The federal government is financing the new receiver; Peat Marwick has been given until Nov. 12 to winterize and mothball the operation and draw up a plan for the sale of the property.

Meanwhile, Yukoners could face a power rate increase of 30% over 1992 rates if the Yukon Utilities Board approves a proposed rate schedule. The rate plan was drawn up by the Yukon Energy Corp. and the Yukon Electrical Co. The utilities asked for the increase because of the closure of Curragh’s Faro lead-zinc mine. Curragh was their biggest customer.

Yukon Electrical has already reduced its staff by 10% or 10

positions because of the Faro closure.