- Write by:
-
Thursday, August 10, 2023 - 22:10:00
-
98 Visit
-
Print
Mining News Pro - Shares in New Gold fell more than 9% in Toronto on Thursday after it said it had halted underground mining activities at its New Afton gold-copper mine in Kamloops, British Columbia, following an inspection.
The Canadian company said experts observed geotechnical variances at the mine’s tailings storage facility during an inspection on Wednesday. It added the area will have to be further reviewed by the company’s engineer.
As a result, New Gold said that it has suspended underground mining activities to allow the review to take place.
Milling operations will continue as normal, using existing surface stockpiles while the review takes place, it said.
Shares in New Gold were down more than 9% to C$1.29 mid-morning in the Toronto Stock Exchange and 8.4% to US 96 cents in New York.
Tailing dams safety has been a focus of concern in the industry in recent years after several deadly accidents across the globe.
In Canada, the tailings dam at the Mount Polley copper and gold mine, also in BC, ruptured in 2014. More than 20 million cubic metres of waste water spilled into local waterways, which prompted operator company Imperial Metals (TSX: III) to suspend mine activities for almost a year.
In 2019, a second tailings dam breach at a Vale facility in Brazil killed 270 people and caused an environmental catastrophe.
Brazil’s environmental watchdog fined in 2022 now defunct Canadian precious metals miner Great Panther after a cyanide leak at the company’s tailings dam polluted local rivers and killed fish.
Short Link:
https://www.miningnews.ir/En/News/627213
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Chile’s state copper company Codelco defended its proposed lithium production tie-up with SQM in response to criticism ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
No comments have been posted yet ...