Before placing the Beaufor Mill on care and maintenance, Monarch Mining intends to process the estimated stockpile of 20,000 tonnes.
SEATTLE (Scrap Monster): Canada-based Monarch Mining Corporation announced that it has suspended operations at its Beaufor Mine, citing financial and operating challenges. The mine will be put on care and maintenance until further notice.
The mining activities at the Beaufor mine have been on a slow progress for the past several months due to several reasons, including the slower ramp-up of the Beacon mill and problems associated with the grade reconciliation of the material stockpiled. There were significant discrepancies between the reported grade of the material mined at Beaufor and the grade of material processed at the Beacon Mill, which in turn badly affected cash flow from operations, the press release said.
Before placing the Beaufor Mill on care and maintenance, Monarch Mining intends to process the estimated stockpile of 20,000 tonnes. Furthermore, a detailed and complete review will be conducted in connection with all identified issues.
Jean-Marc Lacoste, President and Chief Executive Officer, Monarch Mining noted that the decision to suspend mine operations has been taken after careful consideration of all available information from the mine and mill operations and its current and projected financial capabilities. He acknowledged that it is a difficult situation for its shareholders, employees and stakeholders and that it will put all efforts to resolve the present situations at the earliest.
YOU MAY ALSO BE INTERESTED IN:
Image and article originally from www.scrapmonster.com. Read the original article here.