Geotechnical issues see Great Panther cut Tucano guidance
NYSE American- and TSX-listed Great Panther has lowered its fourth-quarter production guidance for the Tucano mine, in Brazil, following wall failures in one of the five pits scheduled for production in the quarter.
Since the discovery of the geotechnical issue earlier this month, sections of the west wall of the Urucum Central South (UCS) pit had deteriorated, resulting in failures along the lower southern portion of the west wall and cracks along the central section of the pit.
No safety incidents had been reported, Great Panther pointed out on Tuesday, but it said that it had initiated a full geotechnical review of UCS and its other pits at Tucano, which it bought in March this year.
The company has also unveiled a plan to re-sequence and accelerate production from other pits, primarily the Urucum North and Urucum South pits.
UCS represents about 150 000 oz of mineral reserves that were scheduled for production mainly in 2021 and 2022.
To reflect the developments at Tucano, Great Panther lowered its guidance for the mine to between 39 000 oz and 44 000 oz.
"Based on this updated guidance we are still projecting to deliver growth in production relative to the third quarter of 2019. Our first priority is to take all necessary steps to ensure the safety of our employees and contractors at the Tucano gold mine while working diligently to minimise the impact to short-term and medium-term production," said president and CEO James Bannantine.
The full-year guidance for Great Panther’s Mexico operations had also been revised downward to between 40 000 and 45 000 gold-equivalent ounces (GEO). Overall, the group’s GEO guidance has been lowered to between 150 000 and 160 000 GEO, from between 171 500 and 185 000 GEO.
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