- Write by:
-
Wednesday, August 15, 2018 - 1:16:10 PM
-
653 Visit
-
Print
Mining News Pro - Toronto-based TMAC Resources experienced less red ink in the second quarter of this year than it did in the first. The comprehensive loss for Q2 was $10.3 million, compared to $15.0 million in Q1. Better yet, the Hope Bay gold mine 65 km east of Bathurst Inlet showed a modest profit of $1.0 million instead of a loss, which for Q1 was $2.6 million.
NUNAVUT: Toronto-based TMAC Resources experienced less red ink in the second quarter of this year than it did in the first. The comprehensive loss for Q2 was $10.3 million, compared to $15.0 million in Q1. Better yet, the Hope Bay gold mine 65 km east of Bathurst Inlet showed a modest profit of $1.0 million instead of a loss, which for Q1 was $2.6 million.
Hope Bay has not been an easy mine to commission. TMAC struggled to bring mill throughput up, but it has now demonstrated that 2,000 t/d is possible with the commissioning of a second line. During Q2, 25,970 oz. of gold was poured, 38% more than the first quarter. To boost gold recovery to 90% by the end of the year, the company plans to install six gravity concentrators.
The Nunavut Impact Review Board has also recommended that the proposed Madrid-Boston project be permitted. Mining is currently under way on only the Doris deposit, and the okay to mine additional pits is welcome for the project’s mid-term viability. Eventually a fourth mine could be developed at Hope Bay.
TMAC plans to mine between 420,000 and 470,000 tonnes for the entire year. Adjustments to mine sequencing have forced the company to lower the targeted grade to 10-11 g/t gold rather than 11-14 g/t. The company declined to provide production and cost guidance because of the uncertainty of how quickly the target throughput and recovery will be reached.
Short Link:
https://www.miningnews.ir/En/News/238405
Mining News Pro - A week after completing the sale of its Leonora assets to Genesis Minerals, St Barbara has provided a ...
Mining News Pro - Michael Nowak was once the most powerful person in the gold market.
Mining News Pro - Gold extended its decline heading into 2022, falling by more than 1% on Monday as a risk-on rally in ...
Mining News Pro - Gold edged lower as investors weighed mixed labor data from the U.S., the Federal Reserve’s hawkish ...
Mining News Pro - Shares in Hummingbird Resources fell as much as 20% to 13.23p on Monday after it halted operations at ...
Mining News Pro - Gold erased more than two weeks’ worth of gains on Monday, pressured by a firmer dollar and ...
Mining News Pro - West African gold miner Sarama Resources announced on Tuesday a significant increase in mineral ...
Mining News Pro - Spot gold prices have hit another five-month high – the second time in 2021 they’ve peaked at such an ...
Mining News Pro - Monarch Mining (TSX: GBAR) plans to restart mining at the Beaufor gold mine and Beacon mill 20 km ...
No comments have been posted yet ...