Mining is currently taking place in the southern part of the Wona pit, not in the northern portion, the area where the pit wall failed. However, the company was set to mine 45,000 ounces (45 Koz) from Mana North starting later this month and continuing until year-end 2019, according to this year's mine plan.
"To mine securely and regain access to ore in Wona North, we will have to push back the pit wall and mine approximately 6 million tons of waste material," the release noted. This will delay mining of ore there until Q1/20. Because the 6 million tons were part of the 2021 mine plan, the mining of them does not represent additional tons or cost.
The lack of ore coming from Wona North throughout the rest of 2019 will result in an insufficient amount of ore to feed the Mana mill for about 10 weeks. Therefore, SEMAFO plans to suspend processing at the mill between mid-August and October's end.
In terms of the overall impact to the Mana operation, SEMAFO expects a roughly 40–50 Koz decrease in production from it. As such, the company lowered 2019 guidance for the project to 130–140 Koz from 170–190 Koz. The all-in sustaining cost guidance for Mana, and all guidance for the Siou pit remain the same.[NLINSERT]
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.