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Trevali plans to reopen New Brunswick s Caribou zinc mine but with 150 fewer staff - Medicine Hat NewsMedicine Hat News
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Trevali plans to reopen New Brunswick s Caribou zinc mine but with 150 fewer staff
by The Canadian Press
Last Updated Jan 15, 2021 at 1:58 pm EDT
CALGARY Trevali Mining Corp. says it plans to reopen its Caribou Mine near Bathurst, N.B., after idling it 10 months ago amid poor zinc prices, but will operate it with a workforce of about 250, down from about 400 employees and contractors before it was closed.
The Vancouver-based miner says it expects to return to mining in early February, with first payable zinc production expected by the end of March.
Chief financial officer Brendan Creaney says zinc prices have rebounded from about 82 cents US per pound when mine production stopped to the current level between US$1.20 and US$1.30 and Trevali has contracted about 80 per cent of Caribou’s volumes for two years to remove price risk.