Endeavour Silver Announces Austerity Measures
EndeavourSilver Corp. (NYSE: EXK,TSX: EDR) announces aseries of measures to reduce capital, operating and other costs after a drop inprecious-metals prices, officials say. Also, production at the El Compass planthas been temporarily suspended. “Enhanced cost discipline is the prudent courseof action for mining companies during times of lower metal prices, especiallywhen investing to develop new mines,” says Bradford Cooke, chief executive officer.“This austerity program is our proactive response to the current low metalprices.” The exploration group has achieved most of its goals for the year andwill stop all drilling at month end, the company says. Also, the developmentgroup working on Terronera project has delayed hiring for certain positions andwill not start permitted earthworks on the roads and plant site until thecompany receives final government permits for the mine dumps and planttailings. Meanwhile, El Compas plantcommissioning has faced excess clay in ore and higher-than-normal precipitationduring the past two months, the company says. Thus, the plant has temporarilyhalted operations to allow the tailings area to be dewatered and clay removedfor improved drainage, Endeavour says. A second tailings storage area is beingexcavated for use until the primary tailings facility is ready forre-commissioning in September. Production at El Compas plant has been suspendeduntil that time, the company says, meaning El Compas will not achieve itsproduction guidance for the year. However, fourth-quarter adjusted mine plansfor the other three mines should help compensate for the shortfall at ElCompas, Endeavour adds.
By Allen Sykoraof Kitco News; asykora@kitco.com
Taseko: Court Ruling Allows Work On New Prosperity Project
Wednesdasy August 28, 2018 10:05
Taseko Mines Ltd.(TSX: TKO; NYSE American: TGB) says a court decisionmeans the company can begin work on the New Prosperity gold-copper project.British Columbia’s government successfully defended its First Nation consultationprocess regarding the project, Taseko explains. “The court decision is unequivocal. The Government ofBritish Columbia has the authority to approve resource development work even inthe face of aboriginal opposition,” says Russell Hallbauer, presidentand chief executive officer of Taseko Mines. The ruling allows the company to begin“investigative work” at the New Prosperity site, the CEO explains. This includes gatheringhydrological data and other information required for the British Columbia MinesAct permitting process. The company says the findings will also address many ofthe concerns expressed by the local aboriginal group.
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.