Investing.com - Financial Markets Worldwide

Canada's Kinross suspends work at Mauritania gold mine

Published 2016-06-18, 11:17 p/m
© Reuters. Canada's Kinross suspends work at Mauritania gold mine
KGC
-

NOUAKCHOTT, June 19 (Reuters) - Canada's Kinross Gold Corp
K.TO has suspended activity at its Tasiast mine in Mauritania
after the West African country ordered expatriates whose work
permits were invalid to stop working, a company source said.
The company "has decided to temporarily shut down the mine
following the withdrawal of invalid work permit of expatriates
by labor inspection", the source told Reuters late on Saturday.
"A lot of expatriates left the site as well as local staff.
There is only a small handful of people for the minimum
maintenance of the equipment", the source added.
"Nobody knows (how long it will last). It will depend on the
issue of the negotiations between the company and the
government."
In a statement, Mauritania's labour ministry said the
decision had been taken during a routine inspection and accused
the company of wanting to "escape its obligations".
Kinross Tasiast will "endorse full responsibility for the
consequences resulting from its action", the ministry added.
The stoppage comes one week after a nearly three-week strike
by unionized workers ended at Tasiast mine.
Kinross approved in March a $300 million first-phase
expansion to double Tasiast's production and slash its
production costs ( ID:nL3N1724A8 ).

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.