And this won't hurt either...
Echo Bay Mines Ltd -
Globe says Echo Bay to reopen Nunavut gold mine
Echo Bay Mines Ltd
ECO
Shares issued 140,607,145
1999-11-02 close $2.6
Wednesday Nov 3 1999
The Globe and Mail reports in its Wednesday, Nov. 3, edition that Echo Bay
Mines will reopen the Lupin gold mine in Nunavut Territory, an operation that was
closed in early 1998 because of the depressed price of gold. The Globe's Allan
Robinson writes that Echo Bay expects production at the Lupin mine will resume
in April, at an annual rate of 150,000 ounces of gold, down about 10 per cent
from its former rate of production. Echo Bay says it decided to go ahead now
because it will have to ship fuel and supplies to the site along a winter road, which
will be constructed in January. The Lupin mine is 400 kilometres northeast of
Yellowknife. The company says it expects to hire 325 miners, down from 420
workers Lupin employed in late 1997. Echo Bay flies in the miners from
Edmonton. Echo Bay has optimized Lupin by selectively mining higher-grade ore,
thereby reducing the number of employees needed. Echo Bay estimates the cash
cost of production will be less than $245 (U.S.) an ounce. The mine will cost
about $12-million to restart, says Echo Bay. |
