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.
First Mining Gold (TSX: FF) reported on Monday that a forest fire is currently active within one kilometre of the camp at the company’s Springpole gold project in northwestern Ontario.
Fire crews from the Ministry of Natural Resources and Forestry (MNRF) have been working on containment measures over the weekend, including both ground and aerial suppression through the use of water bomber aircraft and helicopters.
Due to the proximity of the forest fire, First Mining has temporarily suspended operations at Springpole, and MNRF firefighters are currently staged at the Springpole site working to contain the fire.
All company staff and contractors have been demobilized from the property and are safe and accounted for, and at this point there is no damage to infrastructure at the Springpole camp, First Mining said.
The company is now monitoring the situation closely and will provide timely updates on any material developments to the situation.
Springpole is considered to be one of the largest undeveloped open-pit gold deposits in Canada, capable of producing over 300,000 ounces of gold per year.
Shares of First Mining advanced 2.1% by 11:40 a.m. in Toronto despite suspension of its gold project. The Canadian gold developer has a market capitalization of about C$334.9 million.
