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.
Santacruz Silver Mining (TSXV: SCZ) reported late Monday that an employee was fatally injured at its Porco mine located 50 km southwest of Potosí City in Antonio Quijarro province, Bolivia.
The incident occurred on July 5, 2023, after an underground rockfall occurred while timber supports were being replaced, the company said. No other employee was injured.
“The health and safety of our workforce is our number one priority, and we are deeply saddened by this tragic accident and have extended our deepest condolences to the employee’s family,” executive chairman Arturo Préstamo stated in a news release.
The Porco complex comprises an underground mine and process plant that are supported by the site infrastructure built up over five centuries of mining activity.
The deposit consists of multiple, relatively thin high-grade veins, containing probable and proven reserves of 300,000 tonnes grading 85 g/t silver, 8.4% zinc and 0.4% lead.
The mining methods used vary according to the continuity, dip, and width of these veins. Current mining methods employed include sublevel long-hole stoping with backfill, shrinkage stoping, and some cut and fill.
