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.
Construction has started on the Madrid North underground portal at Madrid North gold deposit, part of Toronto’s TMAC Resources 100% owned Hope Bay mine 65 km east of Bathurst Inlet. Development will access the first production stopes in late 2020.
TMAC has three viable deposits at Hope Bay. The Doris deposit is currently the site of underground and surface mining. The Madrid North deposit will be mined next. And finally the Boston deposit will be developed.
The Madrid North portal will add flexibility to both exploration and mining. It can be used to drive exploration drifts toward the Naartok East, Suluk, Rand and Spur deposits.
(This article first appeared in the Canadian Mining Journal)
