Silver Lake Resources shuttering operations to ‘reset’ mine plan and figure out the area geology
The Australian owners of the Sugar Zone Mine at White River said it’s halting mining operations and hitting the “reset” button.
In its quarterly activities report, Silver Lake Resources announced the mine will be shuttered for the current 2024 fiscal year in order to get a better handle on the geology, to fix a raft of inefficiencies, and come up with a new operating model. The company’s fiscal 2024 year ends next June 30.
Silver Lake said suspending operations gives them time to come up with an improved mine plan, put ample gold resources in place, and implement a better system of mechanized work for when mining activities resume.
The Sugar Zone Mine is 30 kilometres north of White River. The company made no mention of any layoff notices or its near or long-term plans for its workforce. Silver Lake took control of the mine from Harte Gold in early 2022 following a CCAA sales process. It is the Perth-headquartered company’s only operation outside of Western Australia.