Great Panther Mining Limited (TSX:GPR) this morning reduced guidance for its open pit operation in Brazil following adverse weather events. The company reports that operations at their Urucum Central South open pit were temporarily halted due to threats on mining activities due to heavy rainfall.
Great Panther reports that wall movements have been detected on their west walls due to above-average seasonal rainfall, triggering high phreatic levels affecting the slope stability. Because of this, mining activities were placed on hold to ensure the health and safety of mineworkers. Mill operations meanwhile are continuing from the North pit as well as current stockpiles.
Due to the recent actions taken for safety reasons, consolidated guidance for 2021 was reduced by 10,000 gold ounces to 100,000 – 110,000 Au oz. The second half of 2021 is expected to account for 60% of this guidance. All-in-sustaining costs, not including corporate general and administrative expense, are meanwhile expected to increase to $1,450 – $1,550 per gold ounce sold.
Great Panther Mining last traded at C$1.02 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.