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.
Teranga Gold (TSX: TGZ) announced on Wednesday that its operations are proceeding as planned, and first-quarter output is likely to be between the expected 85,000 to 90,000 ounces.
The company reiterated that this will be strongest quarter of the year at its Wahgnion mine in Burkina Faso and the softest quarter at the Sabodala mine in Senegal due to lower grades processed.
Both mines are currently operating as expected, though admittance to the sites is being restricted. Development work to integrate the Massawa gold project with Sabodala, as well as planned exploration activities, are also continuing.
To minimize the impact of any potential supply chain disruptions due to covid-19, the company said it has been building an inventory of critical supplies since January and supplies are continuing to arrive at both sites.
Teranga has also implemented precautionary measures to protect the health and safety of its workforce and maintain business continuity, including enhanced medical services at each mine site and infectious disease education, prevention and management protocols across the company.
Teranga’s shares were 2.3% higher on the TSX at midday Wednesday. The Toronto-based gold miner has a C$1.25 billion market capitalization.
