- Jaguar Mining (TSX:JAG), a producing gold stock, has suspended operations at its Turmalina mine in Minas Gerais, Brazil, because of a slump in the north wall of its nearby Satinoco tailings pile
- A total of 134 community members have been relocated because of the incident
- Jaguar Mining is a gold mining, development and exploration company operating in Brazil
- Jaguar Mining stock has added 43.43 per cent year-over-year and 118.46 per cent since 2019
Jaguar Mining (TSX:JAG), a producing gold stock, has suspended operations at its Turmalina mine in Minas Gerais, Brazil, because of a slump in the north wall of its nearby Satinoco tailings pile.
An inspection on December 7, 2024, revealed “areas of concern” at Satinoco, according to Monday’s news release, prompting the evacuation of Jaguar personnel and the relocation of 134 nearby community members to local hotels before the slump occurred.
While no injuries have been reported, the slump did damage mine infrastructure, including maintenance areas near the shop, filter plant piping, outdoor storage areas and an emergency escape exit.
Jaguar management didn’t provide a timeframe for returning to production but estimates that necessary repairs will extend into at least January 2025.
About Jaguar Mining
Jaguar Mining is a gold mining, development and exploration company operating in Brazil. The company holds a portfolio of three gold mining complexes and a large land package with significant exploration upside.
Jaguar’s flagship operating assets – the MTL mining complex (Turmalina mine and plant) and the Caeté mining complex (Pilar and Roça Grande mines and Caeté plant) – reside in The Iron Quadrangle, which contains world-class multi-million-ounce gold deposits. The company holds the second-largest gold land position in the Iron Quadrangle with over 41,000 hectares.
Jaguar Mining stock (TSX:JAG) is down by 22.19 per cent on the news trading at C$2.84 per share as of 11:02 am ET. The stock has added 43.43 per cent year-over-year and 118.46 per cent since 2019.
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(Top photo of Jaguar Mining’s Turmalina mine in Brazil: Jaguar Mining)