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Be the first with the news that moves the market- Yamana Gold (TSX:YRI) announced it will reopen the Malarctic mine in Quebec
- Decision follows the Quebec government’s decision to authorise resumption of mining activity
- Canadian Malarctic is a 50-50 joint venture between Yamana and Agnico Eagle Mines ltd (TSX:AEM)
- The World Health Organisation warned of the possibility of a “deadly resurgence” of COVID-19 if Government’s relaxed restrictions early
- Yamana Gold (TSX:YRI) is up 5.2 per cent at C$6.08 per share with a market cap of $5.8 billion
Yamana Gold Inc (TSX:YRI) is reopening its Canadian Malarctic Joint Venture in Quebec as the provincial government relaxes shutdowns.
The Canadian Malarctic mine is a joint venture project between Yamana Gold and Agnico Eagle Mines. Operations are to resume at the site on April 15.
The site was shut on March 24, when the Quebec provincial government required all mining companies to minimise operational activities. This meant the mine entered into care and maintenance, and all exploratory work was suspended.
During this time, Yamana has spent time developing a Canadian Malarctic specific COVID-19 management plan.
This includes hygiene and preventative measures to ensure the health and safety of employees while they are performing care and maintenance tasks, as well how to manage employees returned to operations.
Yamana claims the decision was based on the mining industry’s implementation of best practice public health standards, which gave the government confidence it could contain and prevent any infection outbreaks.
Yamana has committed to full compliance with strict social distancing protocols that are in line with the Quebec Department of Public Health and the province’s Committee on Standards, Equity and Occupational Safety.
Yamana has stated the Government’s decision to reopen mining recognises the importance of mining in the supply of metals contained in many products essential to daily life, including medical devices used in the fight against COVID-19.
Activites at Canadian Malarctic will not ramp up immediately. A staggered resumption of activity will occur over the next several weeks with care being taken that all returning employees, contractors and suppliers are healthy before resuming work.
These precautions, according to Yamana, are necessary to comply with the recommendations of the Department of Public Health, and the provincial governments recommendations.
These precautions include enhanced screening and testing of returning employees to the mine, including temperature checks, mandatory social distancing, enhanced sanitisation and disinfecting, and preparedness planning in the event of suspected COVID-19 cases.
While Yamana is ramping up plans to reopen tomorrow, the World Health Organisation’s Director General has warned of a “deadly resurgence” of COVID-19 infections.
Speaking in a virtual news conference last Friday, the WHO chief said that second wave infections were a very real worry, and had severely impacted countries such as Japan and Sweden.
Yamana Gold (YRI) is up 5.2 per cent at C$6.08 per share at 11:05 am EST.
