Post by
Tobuyornot on Sep 30, 2011 8:48am
Ccord MC fillip
Rio Alto Mining* (RIO : TSX-V : $2.48)
Net Change: -0.16, % Change: -6.06%, Volume: 2,330,889
Up on an escalator, down in an elevator. Shares of Rio Alto Mining fell after the company announced that it has temporarily suspending mining activity at its La Arena Gold Oxide mine due to an illegal work stoppage. RIO said it is in discussions with government and community representatives with a view to resolving this situation in the coming days. The company commented that gold production will be impacted due to the work stoppage, which they will update following the resumption of mining. During its last production update the company noted that it had produced 9,385 ounces of gold in the quarter ended August 31. In July 2011, the first of fourteen CAT777 haul trucks arrived on site for introduction to the mining fleet. Also in July, the first of two Bucyrus RH90 excavators arrived on site. By the end of August, eight CAT777 haul trucks and one Bucyrus RH90 excavator were operational at the gold oxide mine. Another six CAT777 and the remaining Bucyrus RH90 excavator were being
assembled to be operational at the end of September. This new equipment allowed the Company to increase the daily average of ore placed on the pad from 6,922 in June 2011 to 17,045 tonnes per day in August.