Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Rio Alto Mining Limited (TSX-V:RIO) is pleased to announce the first gold pour at the La Arena gold oxide mine in north-central Peru on May 6.
The mining rate at La Arena is building up to a nameplate level of 10,000 tonnes per day of ore to pad with commercial production expected during Q3, 2011. Management is targeting gold production of approximately 75,000 ounces for 2011.
Production capacity will be increased from 10,000 tonnes per day to 24,000 tonnes per day of ore to pad by January 2012. Leach pad and processing plant expansion started this month. Also scheduled to commence this month is a feasibility study on the copper-gold sulphide deposit at La Arena.
“Rio Alto is making the transition from mine developer to gold producer. We are especially pleased to have achieved gold production nine months after receiving environmental approval,” said Alex Black, President and COO of Rio Alto. “This achievement is a result of the commitment, hard work and persistence of Rio Alto’s management team, employees, contractors, suppliers and the local community. With cash flow to underpin ongoing development, we look forward to developing the exceptional asset base at La Arena and generate value creating growth for all our stakeholders.”
