First gold pour weeks away but finding workers is a challenge
Argonaut Gold is approaching the finish line for its Magino gold mine project, outside Dubreuilville. The Toronto mine builder expects to make its first gold pour sometime later this month, pending the arrival of one last provincial permit as the $980-million project shifts from the construction stage to an operating open-pit mine over the next few months.
“Magino is the future of Argonaut Gold,” said Richard Young, the company’s president-CEO, in a May 5 webcall on the mid-tier miner’s first quarter earnings. The company posted a net loss of US$10.4 million in the quarter.
Young said construction at Magino remains on track to finish up this quarter, along with the processing plant. The start of commercial mining operations will be the third quarter of their fiscal year, meaning a mid to late-summer start.
Pre-commercial production mining started over the winter during construction of the pit. About 200,000 tonnes of ore has been stockpiled so far and is ready to run through the mill. This is Toronto-based Argonaut’s first Canadian mining asset, outside of its four other mines in Mexico and Nevada. Magino is poised to be the company’s flagship operation.
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