COVID-19

Caribou crawling

Trevali suspends Canadian mine for now

The Caribou zinc mine in New Brunswick, Canada, is entering care and maintenance

The Caribou zinc mine in New Brunswick, Canada, is entering care and maintenance

Mining Magazine is making some of its most important coverage of the COVID-19 pandemic freely available to readers. For more coverage, please see our COVID-19 hub. To subscribe to Mining Magazine, click here.

The mine near Bathurst is being put into care and maintenance, with no potential restart date defined.

"These market conditions, combined with high concentrate treatment charges, make mine operations at Caribou uneconomic at this time," officials said, adding that the company's Bathurst operations centre would remain open to serve the balance of its global portfolio.

While the mine is closed, president and CEO Ricus Grimbeek said it would be looking at "a multitude of options in the Bathurst region to maximise value" and reduce the cost structure of Caribou. This could include supplementing the feed from ore deposits from within trucking distance.

"[These are] metallurgical opportunities which may lead to commercial benefits around copper and gold, and potential for joint ventures with third parties," he said.

He also said the mine had been on a positive path the last 12 months.

"During the past year we demonstrated that the Caribou mill can achieve higher throughput than nameplate capacity while at the same time increasing metallurgical recoveries leading to higher production; however, the significant recent drop in the zinc price limits our ability to generate positive cash flow."

Trevali will be aiding its impacted workforce with transitional opportunities as well as severance options. The cost of closure for the underground operation, it estimated, could exceed US$5 million for April and May.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production