Thursday , February 22 2024

Trevali lowers Caribou mine guidance

TSX-listed Trevali Mining has lowered its zinc and lead production guidance for the Caribou mine in Bathurst, New Brunswick, but the company remains on track to achieve its consolidated zinc production guidance.

The Caribou mine’s zinc guidance has been lowered from a range of 86-million to 90-million pounds, to between 70-million and 75-million pounds, while lead production will be between 23-million and 25-million pounds, compared with a previous guidance range of 27.1-million to 28.4-million pounds.

The silver production guidance remains unchanged at 627 000 oz to 658 000 oz.

Trevali explained in a press release on Monday that several operational changes were required at Caribou to deal with challenging wall rock mass conditions. Despite these, the mine was still expected to achieve the lower end of the 2018 guidance through increased production in the fourth quarter.

However, in early to mid-October, adverse conditions in two mining zones resulted in the cessation of retreat mining and the subsequent loss of some production from the remaining 2018 mine plan.

Trevali said that its management team had slowed the mining rate to allow for accelerated development in the fourth quarter and the first quarter of next year.

“It is incredibly disappointing that the Caribou mine has been forced to slow down; however this was a necessary step in order to ensure the safety of our workforce and enhance the long-term economics of the mine,” stated president and CEO Mark Cruise.

The Santander mine, in Peru, and the Rosh Pinah mine, in Namibia, remain on track to deliver on their production guidance, while the Perkoa mine, in Burkina Faso, is expected to exceed its guidance, helping offset the shortfall from the Caribou mine.

Trevali 2018 zinc payable metal production guidance is more than 400-million pounds.

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