TORONTO (miningweekly.com) – The shares of TSX-listed miner B2Gold on Tuesday gained 4.52% amid robust trading activity after the company reported that operations were running normally at the Masbate mine, in the Philippines, following Typhoon Hagupit.
The typhoon first made landfall Saturday at the island of Samar, just south-east of Masbate Island, reaching Masbate early on Sunday (Philippine time). The eye of the storm tracked close to the site of Masbate gold mine. By late Sunday, the typhoon had diminished in strength and passed over the island.
B2Gold's incident management team inspected all areas of the Masbate mine site once winds died down and confirmed no major damage to any site facilities and infrastructure. The all-clear signal was given to staff at 22:30 Sunday.
Mining operations were curtailed during the storm and had now resumed. Ore processing continued; however, at the peak of the typhoon there was a 15.5-hour shutdown as a precautionary measure. The process plant was now once more operating at full capacity and the 2014 Masbate output forecast of 180 000 oz of gold remained in place.
The Masbate operations benefit by their location, sheltered by the island of Samar to the south-east and the site itself is located on an inlet, which has mountains immediately to the south-east.
B2Gold said that the surrounding local community appeared to have weathered the typhoon reasonably well despite the severe rainfall. The Masbate mine stood by to provide local assistance if required. An assessment of the surrounding area was ongoing.
B2Gold shares rose C$0.09 on Tuesday to C$2.08 apiece.