B.C.’s first new metal mine in more than a decade is expected to resume production after being shutdown last week.
Vancouver-based Roca Mines Inc. (TSX-V:ROK) announced its plans to resume production at its Max molybdenum mine on Thursday, September 2, a week after it was shutdown due to wall stability concerns.
On Monday, the company noted the wall had stabilized over the past few days and crews had begun re-entering lower levels of the mine to begin dewatering.
The Max mine is Roca’s only producing project. It produced 369,026 pounds of molybdenum in its third quarter ending May 31. In the quarter, it recorded revenue of $6.3 million and a net loss of $11,833.
For the nine-month period ending May 31, the company reported revenue of $13.4 million compared with revenue of $17.2 million for the same period in 2009. It narrowed its net loss to $1.9 million compared with a net loss of $21.5 million.
Roca’s share price range during the past week: between $0.265 and $0.285; 52-week high: $0.81; 52-week low: $0.25.