Mining company Straits Resources has placed its Mt Muro Gold mine in Indonesia on care and maintenance.

The company said that several unforeseen challenges have impacted the timing for the mine to be in a cashflow positive position, including falling gold and silver prices, and the impact of illegal miners.

Straits Resources is also seeking to dispose the asset as soon as possible.

The Mt Muro Gold deposit, acquired by Straits in 2004, is located in Indonesia’s Central Kalimantan (Borneo).