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Be the first with the news that moves the market- Minera IRL’s (CSE:MIRL) Corihuarmi mine in Peru has met its production targets, despite the ongoing COVID-19 pandemic’s effects on the mining industry
- The mine site produced 2,060 ounces of gold during April, on track with the company’s forecast
- As a result, the company is maintaining its annual production guidance of 22,500 ounces
- However, Minera’s ongoing legal negotiations with Corporacion Financiera de Desarrollo have been placed on hold until Peru’s quarantine measures ease
- Minera IRL (MIRL) remains unmoved, with shares trading for C$0.12 and a market cap of $28.9 million
Minera IRL’s (CSE:MIRL) Corihuarmi mine in Peru has met its production targets, despite the ongoing COVID-19 pandemic’s effects on the mining industry.
The mine site produced 2,060 ounces of gold during April, on track with the company’s forecast. Production was further bolstered by the recent gold price hike.
Minera also stated that, despite widespread travel difficulties, the company’s production is still being successfully shipped to The Valcambi Refinery in Switzerland.
As a result, the company is maintaining its annual production guidance of 22,500 ounces.
Due to this strong performance, the company is not currently planning any staffing or salary reductions. Around half of the company’s staff remain onsite. the remaining half are currently working from home.
Minera plans to keep the staff working from home until at least the end of May, at which point it will address safety protocols moving forward.
However, the company has not remained unaffected by the pandemic. Talks between Minera and Corporacion Financiera de Desarrollo have been placed on hold since the lockdown came into effect in Peru.
Previously, the two companies signed a memorandum of understanding to address an ongoing legal dispute. Minera hopes to recommence talks as soon and the quarantine is lifted and successfully settle the dispute expediently.
Gerardo Perez, Chairman of Minera IRL, is pleased with the company’s performance, given the surrounding industry environment.
“While waiting to resume negotiations with COFIDE, we are actively seeking financing options for the construction of our Ollachea gold project.
“The community has reiterated its support for a quick start of the project and the contribution that will make to the economic recovery the country needs in this moment,” he said.
Minera IRL (MIRL) remains unmoved, with shares trading for C$0.12 and a market cap of $28.9 million.
