https://www.miningweekly.com
Gold|Mining|Resources|Safety|Underground|Waste|Waste
Gold|Mining|Resources|Safety|Underground|Waste|Waste
gold|mining|resources|safety|underground|waste-company|waste

Another setback for Great Panther at Tucano

19th October 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Gold and silver producer Great Panther Mining’s stock fell nearly 10% on Monday as the company again suspended mining at the Urucum Central South (UCS) pit at its Tucano gold mine, in Brazil, on safety grounds.

The miner explained that additional waste material had to be removed and that work on a new pushback wall had started. This would take between six and eight weeks to complete.

Great Panther said that its consolidated guidance would be lower than anticipated and that more details would be provided at a later stage.

This is the second time this year that mining at UCS – one of several pits at Tucano – has had to be halted.

CEO Rob Henderson stated that Great Panther was considering multiple pathways to accelerate production from other areas, with plans under way to bring the TAP C openpit back into production and to accelerate underground production plans.

The underground mineral resources are located below the Urucum North openpit and would be accessed through a portal located at the north end of the pit. The company estimates that the 1 000 t/d underground mine could yield 40 000 oz/y to 50 000 oz/y.

Stripping also continued on the TAP AB pit, which will deliver ore in 2022.

“This latest development is indeed a setback and delays our ramp-up to full production, but ultimately we expect to realise the value from the UCS pit once the pushback activity is complete,” said Henderson.

Great Panther’s stock closed C$0.06 lower at C$0.56 a share on the TSX.

 

Edited by Creamer Media Reporter

Comments

Showroom

Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.156 0.198s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: