Brazil-focused Serabi Gold (AIM: SRB; TSX: SBI) said mining and milling continue as usual at its Palito Complex and Coringa mine despite two fatal underground accidents last week.
The company said Monday a worker died on Jan. 30 in a mining-related traffic accident at the Palito underground operation, with no other injuries reported. A week earlier, another employee was killed at the Coringa underground mine in an accident at the production face.
Serabi said it has notified Brazilian authorities, who are conducting formal investigations, and has launched an immediate review of operational effectiveness and safety procedures, signalling tighter oversight and a sharper focus on workforce safety.
Pará State
Shares in Serabi Gold closed 3.4% higher at $5.20 apiece on Tuesday in Toronto, valuing the company at $223 million.
The company’s focus is on the Tapajós region in Pará state in northern Brazil, where the Palito Complex has consistently produced 30,000 to 40,000 oz. of gold a year.
Serabi plans to double output in the coming years through construction of the Coringa mine and recently reported a copper-gold porphyry discovery on its extensive exploration licence.
The miner is headquartered in the UK and maintains a secondary office in Toronto.
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