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Endeavour Silver Announces Austerity Measures

Kitco News

Endeavour Silver Corp. (NYSE: EXK, TSX: EDR) announces a series of measures to reduce capital, operating and other costs after a drop in precious-metals prices, officials say. Also, production at the El Compass plant has been temporarily suspended. “Enhanced cost discipline is the prudent course of action for mining companies during times of lower metal prices, especially when investing to develop new mines,” says Bradford Cooke, chief executive officer. “This austerity program is our proactive response to the current low metal prices.” The exploration group has achieved most of its goals for the year and will stop all drilling at month end, the company says. Also, the development group working on Terronera project has delayed hiring for certain positions and will not start permitted earthworks on the roads and plant site until the company receives final government permits for the mine dumps and plant tailings. Meanwhile, El Compas plant commissioning has faced excess clay in ore and higher-than-normal precipitation during the past two months, the company says. Thus, the plant has temporarily halted operations to allow the tailings area to be dewatered and clay removed for improved drainage, Endeavour says. A second tailings storage area is being excavated for use until the primary tailings facility is ready for re-commissioning in September. Production at El Compas plant has been suspended until that time, the company says, meaning El Compas will not achieve its production guidance for the year. However, fourth-quarter adjusted mine plans for the other three mines should help compensate for the shortfall at El Compas, Endeavour adds.

By Allen Sykora of 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 decision means the company can begin work on the New Prosperity gold-copper project. British Columbia’s government successfully defended its First Nation consultation process regarding the project, Taseko explains. “The court decision is unequivocal. The Government of British Columbia has the authority to approve resource development work even in the face of aboriginal opposition,” says Russell Hallbauer, president and 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 gathering hydrological data and other information required for the British Columbia Mines Act permitting process. The company says the findings will also address many of the concerns expressed by the local aboriginal group.

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.

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