- Write by:
-
Friday, November 1, 2019 - 11:57:01 AM
-
699 Visit
-
Print
Mining News Pro - Shares of Guyana Goldfields fell to the lowest in more than ten years on Thursday, as the embattled Canadian miner released its latest quarterly report noting its Aurora mine would fail to meet its production guidance. The company added that a mine plan review is underway.
Guyana has been under pressure from investors, complaining that the company has lost significant value in the last three years due to the underperforming Aurora mine. The company and dissenting shareholders, led by founder Patrick Sheridan, settled in April with the appointment of Allen Palmiere as director and interim CEO.
Operations at Aurora were temporarily suspended in July due to work stoppage. The controversial mine produced 22,100 oz gold, amounting to 96,000 oz produced in the first nine months of the year.
“Our reviews have confirmed that we have a sound asset, including geological resources and a robust processing facility, however, the mine plan requires further review in order to maximise the value of Aurora,” Palmiere stated in a media release.
According to Palmiere, the company has started a “comprehensive mine, production and cost savings review plan to make the necessary changes and improvements to increase productivity and profitability.”
Full details of the review are expected in the first quarter of 2020.
Short Link:
https://www.miningnews.ir/En/News/439995
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
Australia’s Westgold Resources said on Monday it had agreed to acquire Toronto-listed Karora Resources in a ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
No comments have been posted yet ...