TMAC launches strategic review of Hope Bay in Nunavut

Production in the fourth quarter at TMAC Resources’ struggling Hope Bay mine in Nunavut were at the low end of expectations, and the company has begun a strategic review process. The deferral of mining in the BTD East Limb due to rehabilitation work, which impacted available grade, was the biggest factor in the company’s weak quarterly production results of 24,650 oz. gold, TMAC said. Disappointing plant throughput of 1,140 tonnes per day in the month of December brought down the average for the quarter, and was mainly due to unplanned maintenance on the power generator, which meant that the company could run only one of two concentrator lines for a 14-day period. Jason Neal, TMAC’s president and CEO, said TMAC has initiated a strategic review process to explore potential alternatives to maximize shareholder value. Continue reading at The Northern Miner.