https://www.northernontariobusiness.com/
Magino Mine team looks to get open-pit mine and mill up to speed
A 35 per cent selloff of Argonaut Gold stock last week took CEO Richard Young by surprise. A less-than-stellar performance since the start of mining at Argonaut’s Magino Mine, outside Dubreuilville, hasn’t exactly resonated with investors as the Toronto gold company’s stock has plunged from a high of 72 cents a share last August to 28 cents this week.
The open-pit mine and mill operation has been hampered by a number of start-up issues that’s driven up costs and has the Toronto gold company looking to finance its US$128.7-million debt.
Magino has fallen short on gold grades being mined and there have been downstream problems with the mill that’s resulted in downtime. Despite the challenges, Young reaffirmed his belief during a year-end earnings call on March 7 that Magino will one day “be one of the largest and lowest cost gold mines in Canada.”
Argonaut operates mine in Nevada and Mexico. Magino, which started mining last June, is its emerging flagship asset. The mine, which achieved commercial production on Nov. 1, produced slightly more than 36,000 ounces for 2023.
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