While production in August was below normal due to the ongoing disruptions to the company’s operations, Gran Colombia expects to meet its annual production guidance for 2017 of 150,000 to 160,000 ounces of gold.
Rodrigo Duterte said ban should remain in place given the environmental damage it causes, but noted he would give companies time to find alternative mining methods.
“The decision was driven by unsustainable cash outflows at the mine due to the concentrate ban and the operating environment,” company officials said in a statement.