Kinross Gold suspends operations at Maricunga gold mine in Chile

Canadian firm Kinross Gold has stopped operations at its Maricunga gold mine in Chile, and will cut 300 jobs following a judicial decision that upheld a regulatory authority’s move to close the site's water system.

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In March, the environmental authorities began a legal process seeking to shut down the water system in Maricunga, reported Theglobeandmail.com.

The mining firm said that it opposed the environmental authority’s decision and several appeals are still pending with the Environmental Tribunal of Chile.

"Maricunga mine contributed to 8% of the company’s total gold production in fiscal year 2015."

It added that the mine operation suspension, which was initially scheduled for the fourth quarter, will not leave an impact on its 2016 production or cost forecast.

Maricunga mine contributed to 8% of the company’s total gold production in fiscal year 2015.

At the end of last fiscal year, the mine had estimated proven and probable mineral reserves of 1.04 million ounces, estimated measured and indicated mineral resources of 4.28 million ounces and estimated inferred mineral resources of 1.05 million ounces, reported Miningweekly.com.