IAMGOLD Corp (TSX: IMG) early this morning announced that production at its Westwood Underground mine was halted, with a timeline for reopening not yet provided. The halt of operations follows a seismic event that occurred on site on Friday.
The event is said to have occurred at roughly 2:30 PM on Friday afternoon, with all employees reported as now being safely above ground. Operations have been halted at the mine until the cause of the event can be investigated. Both mine and mill operations are suspended while a business recovery plan is conducted.
The Westwood mine owned and operated by IAMGOLD is located 80 kilometres west of Val d’Or, located in southern Quebec. The project as a whole covers 1,925 hectares, with production on the property commenced in 2013. The project currently is estimated to have mineral reserves of 618,000 ounces of gold, with a further 1.56 million in the measured and indicated category. The mine was previously guided to produce a total of 85,000 to 100,000 ounces of gold in the current fiscal year.
A further update to the event is expected to be released Wednesday with the firms third quarter 2020 results.
IAMGOLD last traded at $4.88 on the TSX.
Information for this briefing was found via Sedar and IAMGOLD Corp. 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.
How it Works: Order Spoofing, Part Two – Spoofing In The Small Cap Sector
JP Morgan’s $920 million fine for having manipulated gold markets with order spoofing was widely...