{{ currentBoardShortName }}
  • Markets
  • Indices
  • FX
  • Energy
  • Metals
  • Live
Markets
As of: {{timeStamp.date}}
{{timeStamp.time}}

Markets

{{ currentBoardShortName }}
  • Markets
  • Indices
  • FX
  • Energy
  • Metals
  • Live
{{data.symbol | reutersRICLabelFormat:group.RICS}}
 
{{data.netChng | number: 4 }}
{{data.netChng | number: 2 }}
{{data | displayCurrencySymbol}} {{data.price | number: 4 }}
{{data.price | number: 2 }}
{{data.symbol | reutersRICLabelFormat:group.RICS}}
 
{{data.netChng | number: 4 }}
{{data.netChng | number: 2 }}
{{data | displayCurrencySymbol}} {{data.price | number: 4 }}
{{data.price | number: 2 }}

Commodities Videos

VIDEO SIGN OUT

{{ currentStream.Name }}

{{ currentStream.Desc }}

Related Video

Continuous Play:
ON OFF

The information you requested is not available at this time, please check back again soon.

Aug 26, 2016

Kinross Gold suspends operations at Chile mine, lays off 300 amid water dispute

Sherritt nickel mine Madagascar mining

Security Not Found

The stock symbol {{StockChart.Ric}} does not exist

See Full Stock Page »

TORONTO -- Kinross Gold Corp. (K.TO) says it has suspended operations at a mine in Chile ahead of schedule because of a dispute involving water use.

The Toronto-based miner says 300 workers at the Maricunga mine will be laid off as a result of the decision.

Kinross had planned to suspend operations at Maricunga in the fourth quarter of 2016.

But it says it did so earlier than planned after a Chilean court ruled that an earlier sanction imposed by the country's environmental regulatory authority regarding water use was enforceable.

The company says that sanction substantially reduced water pumping at Maricunga, which forced it to reduce operations last month.

Kinross says it has various appeals pending as it continues to "vigorously oppose" the regulatory authority's actions, saying they are technically and legally flawed and rely on contested scientific findings.

The gold miner adds that the Atacama Region where Maricunga is located has experienced a drought for many years and that the resulting drop in groundwater levels is unrelated to the mine's operations.

Kinross had earlier said it would suspend mining at Maricunga in the fourth quarter due to what it calls other capital priorities in its global portfolio. The company says the premature shutdown is not expected to have an impact on its 2016 production and cost guidance.

Kinross also has mines in the United States, Brazil, Russia, Mauritania and Ghana.