{"id":1146446,"date":"2019-10-29T11:23:05","date_gmt":"2019-10-29T17:23:05","guid":{"rendered":"https:\/\/www.mining.com\/?p=1005491"},"modified":"2019-10-29T11:23:05","modified_gmt":"2019-10-29T17:23:05","slug":"galantas-gold-suspends-blasting-at-irish-mine-to-cut-jobs","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1146446","title":{"rendered":"Galantas Gold suspends blasting at Irish mine, to cut jobs"},"content":{"rendered":"<p>Shares in Galantas Gold (TSX, LON:GAL) plummeted in London on Tuesday after it announced it had <a href=\"https:\/\/www.galantas.com\/news\/galantas-operational-update\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">temporarily suspended blasting operations<\/a> at its Irish gold mine as insufficient supervision has not allowed the company to expand operations as planned.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>All blasting in North Ireland must be overseen by police, but the lack of needed supervision have resulted in a financial burden, which had proved a \u201csignificant drain\u201d on the company\u2019s financial resources, Galantas said.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>The Canadian junior has been working with authorities to increase blasting availability to normal levels for an underground mine.<\/p>\n<\/blockquote>\n<\/figure>\n<p>As a result, the gold miner has started consultations to<br \/>\nreduce employee numbers at its Omagh mine and save costs. <\/p>\n<p>The firm, which&nbsp;<a href=\"https:\/\/mining.com\/galantas-gold-soars-on-news-of-irish-mine-expansion\/\"  rel=\"noreferrer noopener\">kicked off the mine\u2019s expansion<\/a>&nbsp;in 2017 after the<br \/>\nopen-pit site was exhausted, is currently seeking strategic alternatives. Those<br \/>\ninclude reviewing its licenses and operations, as well as considering a joint<br \/>\nventure or other options with third parties for alternative financing<br \/>\nstructures.<\/p>\n<p>\u201cThe company expects it will have to raise funds within the<br \/>\nnext 6 months and will update the market in due course,\u201d Galantas Gold said.<\/p>\n<p>The Canada-headquartered junior plans to continue with some<br \/>\noperations at Omagh, which Northern Ireland\u2019s only producing gold mine. <\/p>\n<p>Shares in the company closed on Tuesday 47% lower, at 1.92<br \/>\npence in London. They have fallen 30.5% so far this year and are still almost<br \/>\n20% less than what they were trading at three years ago at 9.75 pence each.<\/p>\n<p>Northern Ireland holds the world\u2019s seventh richest<br \/>\nundeveloped seam of gold, but political violence kept most investors away for<br \/>\nabout three decades.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While some operations will continue at the Omagh gold mine, the Canadian junior will reduce its workforce and try raising funds.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1146446"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1146446"}],"version-history":[{"count":6,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1146446\/revisions"}],"predecessor-version":[{"id":1146509,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1146446\/revisions\/1146509"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1146446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1146446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1146446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}