Allied Nevada is bankrupt

US gold miner Allied Nevada Gold Corp has filed for bankruptcy protection.

Allied Nevada owns the Hycroft open pit gold and silver mine in Nevada, but falling precious metals prices and a debt load of $543 million forced it into restructuring.

Reuters reports although the Hycroft mine is expected to continue operating during the restructuring, RBC Capital Markets analyst Sam Crittenden said he did not "expect much, if any, residual value for shareholders after the process given the large debt load and limited free cashflow at spot metal prices."