IAMGOLD Corp (TSX: IMG) this morning announced that it is temporarily reducing its workforce at its Westwood Gold Mine, providing a sign of what may come following seismic events detected earlier this month at the property. Underground operations at the mine remain halted as a result of the events.
In total, the reduction of employs is to impact 437 workers at the mine, which amounts to roughly 70% of the entire underground workforce. With the mine not in production for what is now the fourth straight week, the company has reduced employment levels ahead of the holiday season so as to not have unnecessary costs.
The company is currently assessing a business recovery plan for the operation, with the mill having resumed its work on November 4, 2020, after all operations were temporarily halted. The mill is currently processing stockpile and ore from the Grand Duc open pit.
The company has indicated that it intends to provide an update to the status of Westwood’s underground operations in early 2021.
IAMGOLD last traded at $4.45 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.
