In response to depressed gold prices and increasing costs, Falconbridge Gold (TSE) announced it is planning cutbacks at both its Hoyle Pond and Bell Creek operations near Timmins, Ont.
At the Hoyle Pond mine, production will be cut to 80,000 tonnes per year from 104,000 tonnes. In addition, the workforce will be reduced by 21 people. At the Bell Creek mill, 18 people will be laid off, and the mill will be placed on care and maintenance for a 3-month period. It is expected that the mill will start up again in late May and process ore until November when another shutdown is forecast.
The company says that the cutbacks are essential to lower production costs and ensure the long-term viability of the two operations. Current preliminary reserves at Hoyle Pond are 185,000 tonnes grading 14.6 grams gold per tonne.
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