MINDANAO, May 27
Philippines miner Red5 is facing a shutdown of up to 12 months and hefty costs over damage to the tailings dam at its Siana gold mine in Mindanao.
Milling at the Mindanao mine has been suspended for over a month after warnings that the tailings dam was at risk of collapse and could not be economically repaired.
The Australian miner is seeking alternative funding options to cover the construction of a new tailings dam and working capital for 12 months until it once again derives income.
The company has appointed Knight Piésold Consulting to provide a design and cost estimate.
Red5 said it could not establish accurate timing or costs without geotechnical drilling, which would take two months to conduct.
from:
http://www.miningbusiness.net/content/red5-faces-12-month-shutdown
MINDANAO, May 27Philippines miner Red5 is facing a shutdown of...
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