Canadian agency Monarch Mining has paused operations on the Beaufor underground mine positioned east of Val-d’Or, Quebec in Canada, attributable to operational and monetary hurdles.
The mine, which has produced a couple of million ounces (Moz) of gold over the past 30 years, will now be placed on care and upkeep for an indefinite interval.
Monarch president and CEO Jean-Marc Lacoste mentioned: “The choice taken as we speak by the board and administration was after cautious consideration of all obtainable data from the mine and mill operations, and the company’s present and projected monetary state of affairs.
“We perceive that this case is tough for our shareholders, workers and stakeholders.
“We’ll proceed to work in direction of resolving the current state of affairs on the operations whereas searching for strategic and monetary options to maximise stakeholder worth.”
Previous to putting Beacon Mill on care and upkeep, the Canadian agency will course of the estimated 20,000t of stockpile to generate funds.
Moreover, Monarch Mining will even undertake a overview of recognized points, reminiscent of stockpile administration and its mining strategies to deal with the dilution points.
Final month, the agency mentioned it determined to decelerate mining actions on the Beacon mill attributable to a number of mechanical and procurement issues.
It additionally slowed down its mining actions on the Beaufor mine due to points with the grade reconciliation of the fabric stockpiled, in addition to money restrictions.
The Beaufor mine reported manufacturing of greater than 1.1Moz of gold at a median grade of seven.50g/t Au since its launch within the early Nineteen Thirties.
In June 2019, manufacturing actions had been suspended on the Beaufor mine and it was subsequently positioned below care and upkeep.
Plans to reopen the mine by June 2022 had been unveiled final yr.