Gold miner TMAC Resources has initiated a strategic process to explore alternatives, which may include a potential sale or merger of the company, joint venture of the Hope Bay mine, in Nunavut, or introducing a new strategic shareholder or various long-term financing alternatives.
The announcement comes as TMAC reported fourth-quarter production of 24 650 oz, which was at the low-end of its guidance and 138 510 oz for the full year. The most significant driver of the weak fourth-quarter output was the deferral of mining at the BTD East Limb, owing to rehabilitation work, TMAC explained.