Canadian-based mining company, Guyana Goldfields Inc, reported in its latest financial earnings report that it expects to be able to keep its mill operational up to mid-June, with production estimated to total approximately 45,000 to 50,000 ounces in the first half of 2020. This is higher than its previously estimated production for the first half of the year of 35,000 to 45,000 ounces.
Thereafter, Guyana Goldfields said that the mine will go into a period of care and maintenance for one to two quarters. The Guyana Standard understands that planning for the transition to care and maintenance is well advanced. In this regard, the company reported that it has already started the phased reduction in site activity. The site is expected to be in full care and maintenance by the end of the second quarter and a full-time security presence will be maintained at site, along with adequate crews to maintain the site, including environmental monitoring and compliance. This news agency understands that infrastructure such as camp, water supply, power supply, and other systems will remain operational at a reduced level.
Due to Covid-19 travel restrictions, Guyana Goldfields had previously announced on March 18, 2020, that it would temporarily suspend all underground development. Taking into consideration a funding gap and the ongoing circumstances related to Covid-19, it subsequently announced on May 7, 2020, that the next phase of mine development, including both the open pit and underground, would not proceed as originally planned.
