Ecuador and Peru tighten reins amid Covid outbreak
PERTH (miningweekly.com) – Gold miner Titan Minerals has warned that Covid-19 would impact its operations in Ecuador and Peru.
Titan’s 91%-held subsidiary Core Gold is temporarily suspending operations at the Dynasty Goldfield mine, in Ecuador, as government decrees regarding gatherings, travel and transport within the country would affect the company’s ability to operate the mine.
Core Gold will maintain a workforce at Dynasty to conduct care-and-maintenance activities, and special projects in order to minimise the impacts of the temporary shutdown.
The subsidiary would also conduct a workforce and working capital review in the coming weeks.
Meanwhile, Titan on Tuesday said that while the state of national emergency declared in Peru would not affect operations at its Vista gold project, the company that provides custom stripping services to remove gold from the loaded carbon produced at the Vista gold plant would not be exempt from restrictions, and would be closed until the end of March.
Titan said that the inability to process loaded carbon to recover gold would have a temporary but adverse impact on the company’s cashflow until gold stripping operations restarted in Peru, on April 1.
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