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.
Canadian Lake Shore Gold (TSX:LSG) announced it has resumed operations at its Timmins West Mine in Ontario, where a worker died on Tuesday, and reported a fall in its quarterly production.
In a media release, Lake Shore Gold said production in the first quarter is expected to be the lowest this year.
The company produced 16,680 ounces down from 22,300 ounces a year ago, but still higher than the predicted 15,000.
Tony Makuch , President and CEO of Lake Shore Gold, said he was pleased with the results. “However, as the events of this week have clearly demonstrated, there is no more important result than the safety and well being of our people,” he added.
For this year, the company reiterated its production guidance of 85,000 to 100,000 ounces of gold poured from the Timmins West and Bell Creek mines.
