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Malaga Inc. (TSX:MLG,OTCQX:MLGAF) has suspended mining operations at its Pasto Bueno tungsten mine, and has put the mine on care and maintenance. Malaga previously announced that its tungsten process plant had been put in care and maintenance due to the accident which caused the power outage at Pasto Bueno. During this period, adequate security measures of the plant and mine site have been put in place and will continue up to the restart of both the plant and mine.
As quoted in the press release:
Suspension of mining operations is one of the measures implemented by Malaga to reduce its costs and preserve cash. The Corporation is still working to secure financing to resume mine and plant operations and pursue its objectives related to mine development and production.
Malaga also announces that repairs to its hydro-electric line are underway; materials have been purchased and transportation of equipment to site is planned. Repair should be completed by the end of November.
Malaga President and CEO Pierre Monet said:
We intend to return to full production once we secure the necessary financing and will also review the mine development plan to improve operational efficiency” We continue to work closely with our stakeholders to mitigate the consequences of suspending our mining operations.
Click here to read the Malaga (TSX:MLG,OTCQX:MLGAF) press release