Trevali to restart Caribou mine

Caribou mine. Credit: Trevali Mining

Trevali Mining (TSX: TV) announced on Friday the planned restart of operations at its Caribou mine near Bathurst, New Brunswick.

The mine has been on a care and maintenance program since March 2020.

The Company expects to return to mining in early February 2021, with first payable zinc production expected by the end of March 2021.

“Our initial two-year plan includes several enhancements which are designed to improve the mine’s economics, including the involvement of a contracted mining operator and the entry into fixed-pricing arrangements for a significant portion of the mine’s forecasted production,” said Ricus Grimbeek, Trevali’s President and CEO.

“Looking ahead, we will continue to study the potential to extend our initial mine plan, as well as explore further potential in the Bathurst mining camp.”

Caribou production guidance for 2021 is estimated at between 60 – 65 million pounds of payable zinc, 21 – 23 million pounds of payable lead and 585 – 650 thousand ounces of payable silver.

Midday Friday, Trevali’s stock was down nearly 9% on the TSE. The company has a C$184 million market capitalization.

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