PRECIOUS METALS

"Underground mining was proactively paused [at Red Lake]"

The world's biggest gold producer says partial underground operations are set to resume tomorrow at its Red Lake mine in northwestern Ontario.

Staff reporter
Newmont Goldcorp expects partial underground operations to resume tomorrow at Red Lake in Ontario

Newmont Goldcorp expects partial underground operations to resume tomorrow at Red Lake in Ontario

Newmont Goldcorp (NYSE: NEM) said on Sunday it had "proactively paused" underground mining on July 3, to allow for installing extra controls to further protect workers, in case water entered the mine through an historic stope at the Cochenour complex.

It said it decided to strengthen controls after an in-depth review of the historic stope.

It noted there were no known changes to conditions at the mine.

The company said processing and surface operations were uninterrupted and underground workers had been temporarily reassigned to other jobs on site.

"Partial underground operations at the company's Red Lake mine in Ontario, Canada will safely resume by Tuesday, July 9," Newmont said.

The former Goldcorp asset became part of the enlarged Newmont portfolio after the two companies merged earlier this year.

There have been issues at other former Goldcorp assets, with Newmont suspending the Peñasquito mine in Mexico in April due to an "illegal blockade" which it said was lifted in mid-June and operations were safely ramping up.  

An underground fire impacted operations at Goldcorp's Musselwhite mine in Ontario earlier this year and in an earnings call in April, Newmont president and COO Tom Palmer said "recent events have created headwinds to achieving Goldcorp's previously forecasted production levels".

Newmont Goldcorp will release its second quarter results on July 25 before market open.
 
Its shares closed down 0.88% in New York on Friday but remain near a one-year high.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.