Reuters on the resumption of miningThought this article from Mineweb a nice summary of the immediate future of LaMancha:
Activity at Ity gold mine gradually resuming - LA Mancha
Shares in thegold miner rose after it said ops at its mine in the Ivory Coast hadresumed after being closed in December due to political tensions
Author: Gowri Jayakumar (Reuters)
Posted:Wednesday,19 Jan 2011
BANGALORE (Reuters) -
La Mancha Resources Inc (LMA.TO:Quote)said activities at its Ity mine in Ivory Coast, which was shut down inDecember due to political tensions in the west African country, hadgradually resumed and could reach normal capacity by the end of thismonth.
The company, which operates two producing gold mines in Africa andtwo in Australia, also forecast 2011 gold production of 115,000-135,000ounces.
La Mancha shares, which have shed over 4 percent of their value sincethe mine shut down, rose 7 percent to C$2.30 in morning trade onTuesday on the Toronto Stock Exchange.
"La Mancha is being extremely conservative as to when it expects Ityto come on line," Stonecap Securities analyst Ovais Habib said, addingthat he expects 2011 production to come in at the higher end of LaMancha's range.
The Ity mine contributed about 14 percent of total 2010 production of122,571 ounces. The mine was shut down on Dec. 17, 2010 as aprecautionary measure after agitations increased in the Zouan Hounienregion. [ID:nSGE6BG07N]
Habib, however, warned that higher cash costs at La Mancha's newWhite Foil mine in Australia and a strong Australian dollar could eatinto revenue in 2010 and 2011. The company expects average cash costs tobe $671 per ounce in 2011. (Reporting by Gowri Jayakumar in Bangalore;Editing by Anne