Trevali to Restart Caribou Mine with Improved Economics
Trevali Mining Corporation announced the planned restart of operations at its Caribou mine near Bathurst in New Brunswick. The mine has been on a care and maintenance program since March 2020. With the implementation of several operational and commercial enhancements, as well as improved zinc market conditions, the Company expects to return to mining in early February 2021, with first payable zinc production expected by the end of March 2021.
Ricus Grimbeek, Trevali’s President and CEO stated, “Our team has worked diligently to reduce the overall cost structure of the Caribou mine, and I am pleased that we are in a position to restart mine operations in a manner that we expect will generate positive cash flow. Our initial two-year plan includes several enhancements which are designed to improve the mine’s economics, including the involvement of a contracted mining operator and the entry into fixed-pricing arrangements for a significant portion of the mine’s forecasted production. We have benefited from the engagement of the provincial government, and with the recall of employees and the restart of production we look forward to being a more significant part of the New Brunswick economy. Looking ahead, we will continue to study the potential to extend our initial mine plan, as well as explore further potential in the Bathurst mining camp.”
Trevali’s production plan at Caribou is anchored on operational and commercial enhancements that improve the mine’s fundamental economics and support enhanced value for Trevali shareholders: