Aura Minerals (TSX: ORX) has become the latest casualty of slumping commodity prices, unresponsive financing markets and fixed costs, announcing this week it is suspending mining operations temporarily at its Aranzazu copper-gold-silver mine in Mexico.
The company notified shareholders before markets opened on Jan. 15, a day after the copper price dipped to US$2.55 per lb, a 5.2% drop on the day and its lowest level since 2009.
In the three months ended Sept. 30, 2014, the company’s Aranzazu mine in northeastern Zacatecas state recorded an average cash cost per pound of copper net of gold and silver credits of US$3.06 per lb, on production of 3.86 million lb of copper.
The company has been trying to raise financing to expand the mine from its current rate of 2,600 t/d to 4,000 to 4,500 t/d, but the markets have been dismal.
Read the complete article at NorthernMiner.com/news/aura-minerals