leadf
logo-loader
viewGreat Panther Mining Limited

Great Panther Mining temporarily suspends operations in Mexico to mitigate coronavirus spread

Monthly production from Great Panther's Mexican operations accounts for around 2% of annual group output on a gold equivalent ounce basis

Great Panther Mining Limited -
It's Tucano gold mine in Brazil accounts for the remainder, where mining and processing continues uninterrupted currently

Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) has revealed it is temporarily suspending mining and processing at its Mexican mines to mitigate the spread of the coronavirus (COVID-19) pandemic.

In a stock market statement on Friday, the precious metals producer said activity at its Guanajuato Mine Complex (GMC) and the Topia mine would cease until April 30, in line with the directive of the Mexican government announced on March 31.

READ: Great Panther Mining focusing on exploration, resource expansion and finances for 2020

Monthly production from Great Panther's Mexican operations accounts for around 2% of annual group output on a gold equivalent ounce basis, the firm noted.

Its Tucano gold mine in Brazil accounts for the remainder, where mining and processing continues uninterrupted currently.

"The company has prepared contingency plans in the event that there is a full or partial shutdown and is prepared to act quickly to implement them," the firm told investors, referring to the Brazilian asset.

"There are no confirmed or suspected cases of COVID-19 across the company's global mining operations, projects, and corporate offices," the miner added in the statement.

Earlier this week, Great Pantherr told investors that it aims this year to ramp up exploration, expand resources and improve finances as the group reported its 2019 financial results.

Shares in New york added 1.88% to US$0.30 In Toronto, they added 2,4% to C$0.43 each.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

Quick facts: Great Panther Mining Limited

Price: 1.18 CAD

TSX:GPR
Market: TSX
Market Cap: $416.64 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Great Panther Mining Limited named herein, including the promotion by the Company of Great Panther Mining Limited in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Silver price to continue to strengthen as gold rockets

Mining Capital's Alastair Ford says we've seen a significant increase in the silver price which he says is long overdue. The gold/silver ratio has been widening for a while now and a lot of market commentators have been saying it's only a matter of time before silver starts to respond to...

on 07/24/2020

2 min read