Another earthquake shakes Westwood – Mining Magazine

The US Geological Survey monitored the earthquake, which occurred about 35 kilometers from west to southwest from the mining city of Amos, at a depth of 3.5 kilometers.

Imgold said staff were safely brought to the surface and authorities were notified while studying the cause of the earthquake.

The company is evaluating the recovery plan and expects to provide an update when it discloses its September quarter results later this week.

Westwood production was suspended in late March due to COVID-19, and operation resumed in mid-April. For this reason, Iamgold reduced the mine’s full-year production directive to 85,000-100,000 ounces from 90,000 to 110,000 ounces previously.

In August, the company reduced Westwood reserves by 48% and instituted a “cautious” approach to a long-term plan for its earthquake-prone operation. The company was reviewing Westwood and last year recognized a drop of $ 395 million due to operating the mine at reduced capacity after an earthquake in late 2018.

Iamgold TSX: IMG shares are down 2.2% in the past 12 months at 4.90 Canadian dollars, after hitting a 12-month high of $ 7.07 in late July. The company has a market value of $ 2.32 billion ($ 1.75 billion USD).

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