Yeah yeah yeahI could see that coming from a mile away.
Thats what happens when you have a promter running a mining company.
Monarch Mining to slow down Beaufor production
2022-08-31 17:08 ET - News Release
Mr. Jean-Marc Lacoste reports
MONARCH PROVIDES AN UPDATE ON ITS OPERATIONS AT THE BEAUFOR MINE
Monarch Mining Corp. has made the decision to slow down mining operations at its wholly owned Beaufor mine, located east of Val d'Or, Que. The Beacon mill operations will not be impacted.
The restart and ramp-up of the Beacon mill have been slower than expected, and the availability for the months of July and August has been approximately 50 per cent of its capacity of 750 tonnes per day. The ramp-up has been impacted by a number of mechanical and procurement problems, as well as technical problems, with the grade reconciliation of the stockpile already at the Beacon site, which included a low-grade pile and development ore that turned out to be lower grade than expected. As a result, cash flow from milling operations has been lower than expected.
As a result of short-term cash restriction, the corporation has decided to slow down production activities at the Beaufor mine. During this period, the corporation will work toward optimizing its mining method in an effort to reduce dilution.
"This is a difficult decision to make, especially with the recently announced first gold pour, but one that is necessary to ensure that the ramp-up and integration of mining and milling operations improve over the coming weeks," said Jean-Marc Lacoste, president and chief executive officer of Monarch Mining. "The presence of COVID-19 brings a new reality that we must deal with and better integrate into our production process. Over the next few weeks, our team will be working relentlessly to find solutions to resolve these issues and to get the plant running at full capacity.
"During this period, which we believe to be temporary, we will continue to process the more than 20,000 tonnes of ore stockpiled at the Beacon mill and Beaufor mine sites in order to generate the funds required for our operations," concluded Mr. Lacoste.
About Monarch Mining Corp.
Bucco