Malaga Suspends Production at Its Pasto Bueno Process Plant
Production has been suspended at the Malaga Inc. (TSX:MLG,OTCQX:MLGAF) Pasto Bueno tungsten process plant. The Plant is currently in care and maintenance due to the hydro-electric transmission line being accidentally severed and several transmission poles damaged causing a complete power outage to the plant and mine.
As quoted in the press release:
Work to repair the power line is expected to take four weeks. The Corporation is maintaining its mining operations at a reduced pace.
Cash flow from operations at the Pasto Bueno property has been lower than expected in 2012 due to the decrease in the production of tungsten caused mainly by lower head grade of the ore extracted and a reduction in selling price of tungsten. Operational improvements have not yet been fully implemented and there have been delays in building a decline ramp to access ore in lower levels of the Huayllapon zone (see news release of August 15, 2012 and management discussion and analysis of Q2-2012). The cost of building the new tailing pond is also higher than expected. Malaga is implementing various cost reduction measures at the Pasto Bueno property, the head office in Montréal and its office in Lima, Peru.
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 our operational efficiency.
Click here to read the Malaga Inc. (TSX:MLG,OTCQX:MLGAF) press release
Click here to see the Malaga Inc. (TSX:MLG,OTCQX:MLGAF) profile
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1819.93 | -3.50 | |
Silver | 20.85 | -0.30 | |
Copper | 3.77 | +0.01 | |
Palladium | 1880.00 | +12.00 | |
Platinum | 912.00 | +5.00 | |
Oil | 111.56 | +1.99 | |
Heating Oil | 4.07 | -0.05 | |
Natural Gas | 6.69 | +0.18 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â