Loading ...It’s the end of an era for one of Canada’s oldest and most prolific gold mines.
Porcupine Gold Mines, a subsidiary of Goldcorp (NYSE:GG, TSX:G), said last week that mining operations are permanently ending at the Dome underground mine in Timmins, Ontario, 107 years after the mine started up in 1910.
Aging infrastructure, low productivity and depleted resources were all cited as factors in the decision. The minelife had been extended for 18 months in July 2016.
“This was a difficult decision, but one that is in the best interest of the long-term sustainability of the Porcupine Gold Mines complex,” Marc Lauzier, mine general manager of Goldcorp’s Porcupine Gold Mines, said in a statement published in The Sudbury Star. He later added: “[I]t’s also about optimizing the business to help me secure investments for some of the other projects that we’re trying to do in the area, including Hoyle, including Hollinger, including Borden, and including eventually Century. We have to make these decisions in order to secure those investments.”
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