Aura Minerals Temporarily Suspends Operations at Aranzazu

Copper Company News Return to Copper Company News Directory Aura Minerals Temporarily Suspends Operations at Aranzazu Thursday January 15, 2015, 8:57am PST

Aura Minerals (TSX:ORA) announced that it has temporarily suspended all mining activities at its Aranzazu project in Mexico, and that all capital projects have also been deferred.

As quoted in the press release:

Processing of copper concentrate will continue until the stockpiles are depleted.

Aura’s president and CEO, Jim Bannantine, said:

Although this decision is a difficult and concerning one, in particular for Aranzazu’s affected employees and the local community, it will preserve our cash position during these uncertain economic times. We will be providing severance benefits in accordance with Mexican law as well as training and outplacement services for all the employees affected by the suspension. We will also keep in place our systems and certain personnel to ensure that our safety, environmental, regulatory and social standards are maintained during the suspension. The Company plans to use the results of the updated bankable NI 43-101 to secure an additional financing for the re-opening and expansion of Aranzazu and fully realize the asset value. We remain confident that Aranzazu is a world-class asset and that it can provide substantial long-term benefit for all of our stakeholders.

Tags:copper pipe