Gold mining company Mineros will downsize its operations at the Gualcamayo property, reducing its workforce in Argentina by up to 30%.
This is owing to the natural depletion of the deposit, which Mineros bought in 2018.
Mineros, which is headquartered in Colombia and trades on the TSX, says it will incur costs of between $3-million and $5-million in connection with the workforce reduction, but does not expect such costs to impact its ability to meet its 2022 production and cost guidance for the Gualcamayo property.
The mine will produce 59 000 oz to 66 000 oz in 2022.
Mineros previously said that it is conducting a 17 000 m diamond and reverse circulation programme in proximity to existing mining operations this year.