Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) reported that explosives have been stolen from one of the mines at its Guanajuato Mine Complex.
Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) reported that explosives have been stolen from one of the mines at its Guanajuato Mine Complex. The company is cooperating with the appropriate authorities, and an internal investigation is underway.
As quoted in the press release:
The Company has voluntarily suspended the use of all explosives material at the GMC and increased measures to secure the material to facilitate the investigation process and safeguard against further attempts of theft. As such, blasting-related mining activity has been temporarily halted pending the outcome of the initial inspection by the authorities, scheduled to begin within 24 hours. The Company’s processing plant has not been impacted and continues uninterrupted at this time with the current ore stockpile of four to five days’ production.
The theft is a serious concern to the Company given the nature of the stolen material, however, no employees were injured, and there was no significant damage to the Company’s facilities.
The Mexican regulatory authorities may elect at their discretion to exercise administrative action during the investigation and/or at its conclusion. Administrative action could include a fine and, possibly, a suspension of the Company’s explosives permit during the investigation period or longer, which would negatively impact the operations at the affected mine.