Coeur Mining (NYSE: CDE) announced on Tuesday that will halt activities at its Palmarejo gold-silver complex in Chihuahua, Mexico in with a government-mandated decree in response to the covid-19 pandemic.
The company also said it is withdrawing its full-year 2020 guidance.
“The company is currently in the process of safely and securely ramping down its mining operations at Palmarejo,” Couer said in a media release.
All of Coeur’s US mines continue to operate at full capacity and there have been no confirmed cases of covid-19 across its portfolio
A reduced workforce will remain onsite during the suspension to maintain key infrastructure, manage environmental compliance and provide requisite security.
All of the Coeur’s US mines continue to operate at full capacity and there have been no confirmed cases of covid-19 across its portfolio.
Coeur said it has not had any disruptions to its supply chain at the mines that are still open, and that it has not had any material disruptions.
The miner produced 359,418 ounces of gold and 11.7 million ounces of silver in 2019, as well as zinc and lead. Palmarejo accounted for 111,932 gold ounces and 6.8 million silver ounces.
Midday Tuesday, Couer’s stock was down 9% on the NYSE. The company has a $769 million market capitalization.