Posted in | Gold | Mining Business

Century Mining Puts Plans on Hold at Lamaque Gold Mine

Century Mining Corp said in a statement on Tuesday that it has put all capital projects on hold at their Lamaque gold mine in Val d'Or, Québec. The hold has been indicated due to equipment problems.

The mine located near Val d’Or had already seen reduced throughput last month due to a cone crusher failure. This had severely impacted its cash flow as the replacement was completed only by March6, 2011.

With the cash crunch the company has decided to put on hold plans to ramp up ore production, the refurbishing of a third ball mill and the up gradation of the crusher conveyor system. They will also be shelving plans to dewater the underground area at present.

The company statement said that they were considering all options as they sought to meet debt repayments and working capital needs. The delays will slow the ramp-up process and lengthen the period in which the company will operate on a cash-negative basis.

The shares of the company came down by 16% after the statement was released. Shareholders can expect a review of the impact of the crusher failure and the new revised estimate of the gold output at Lamaque for 2011 in a little while. The current guidance for output at the Lamaque mine was between 70,000 to 75,000 ounces of gold.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Century Mining Corporation. (2019, March 19). Century Mining Puts Plans on Hold at Lamaque Gold Mine. AZoMining. Retrieved on October 16, 2019 from https://www.azomining.com/News.aspx?newsID=3671.

  • MLA

    Century Mining Corporation. "Century Mining Puts Plans on Hold at Lamaque Gold Mine". AZoMining. 16 October 2019. <https://www.azomining.com/News.aspx?newsID=3671>.

  • Chicago

    Century Mining Corporation. "Century Mining Puts Plans on Hold at Lamaque Gold Mine". AZoMining. https://www.azomining.com/News.aspx?newsID=3671. (accessed October 16, 2019).

  • Harvard

    Century Mining Corporation. 2019. Century Mining Puts Plans on Hold at Lamaque Gold Mine. AZoMining, viewed 16 October 2019, https://www.azomining.com/News.aspx?newsID=3671.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit