Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Operations at Barrick Gold’s (TSX: ABX; NYSE: GOLD) Hemlo mine, about 350 kilometers east of Thunder Bay, Ontario, remain suspended after a contract worker died on site late Wednesday.
Perenti, through its subsidiary Barminco, provides underground mining services to the Hemlo gold mine.
Barminco and Barrick are working closely with the labour ministry and the Ontario Provincial Police to investigate the cause of the accident
Barminco and Barrick are working closely with the labour ministry and the Ontario Provincial Police to investigate the cause of the accident.
CBC News reports the OPP has identified the deceased as Troy Cameron of the nearby town of Marathon.
“Perenti and Barrick extend their deepest sympathies to the family, friends and colleagues of the employee,” Barrick said in the statement.
Counselling services have been mobilized to provide direct support to the employee’s family and co-workers.
Hemlo has produced more than 21 million oz. of gold, and has been operating continuously for more than 30 years. It comprises the Williams mine—an underground and open pit operation.
The mine has now transitioned to underground only.
According to Barrick’s recent preliminary production results, Hemlo produced 42,000 oz. in the June quarter, 22% less year-on-year from 54,000 oz. in the comparable prior-year period.
Barrick has guided for Hemlo to contribute 200,000 to 220,000 oz. gold in 2021.
Comments
jose pinochet
Hemlo, claramente no corresponde a un tier 1, entonces no se comprende porque esta antigua mina continua en el paraguas de Barrick, como lo propuso el Sr, M Brystow,