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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.