(MENAFN- ProactiveInvestors) (TSE:K) a Canadian mining company with operations overseas said its mining and crushing operations at its Maricunga mine in northern Chile remain suspended following severe floods in the region last week.
Even so the Toronto-based producer said in a statement late yesterday that it doesn’t expect the temporary halt to affect its regional production forecast for the year. Its heap leach plant continues to operate.
The mine site is relying on generators to supply electricity as power lines are down. Although the main road to Maricunga is currently impassable facilities at the site have not been damaged the company said.
Torrential downpours in the north of Chile the world’s biggest copper producer forced companies on March 24 to suspend operations at several of the area’s major mines. Some mines have already started to re-open.
Maricunga located 120 kilometers east of the city of Copiapó produced 247216 ounces of gold in 2014 putting it in the middle of the pack of Kinross’ mines in terms of size.
Kinross which also has mines and projects in the United States Brazil Ghana Mauritania and Russia reported record annual production in 2014 of 2.71 million ounces but forecast output to fall this year to between 2.4 million to 2.6 million ounces.
In February the company announced that it will not proceed with a $1.6 billion expansion of its Tasiast mine in Mauritania.
Shares were down 0.7 percent at C$2.95 at 1:47 p.m. in Toronto expanding this year’s retreat to 9.2%.
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