Dramatic cost reduction measures at Acadian Mining's (ADA-T, ADAIF-O) Scotia mine a few months ago weren't enough to save it from collapsing zinc and lead prices. The price of zinc has fallen to US51 cents per lb. from 1.08 US dollars per lb. in January 2008, while lead has plunged to 39 US cents per lb. from 1.23 US dollars per lb. Seeking creditor protection was the only option, Acadian Mining says. On Dec. 23, the Supreme Court of Nova Scotia granted Sco-Zinc, the wholly owned subsidiary of Acadian that holds the asset, creditor protection for an initial 30 days - or until Jan. 20, 2009. That date was later extended to March 20.
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