Reported Earlier, Golden Minerals Stops Mining Operations At Its Velardeña Properties, Located In Durango State, Mexico

Author: Benzinga Newsdesk | February 29, 2024 02:04pm

Golden Minerals Company ("Golden Minerals," "Golden" or the "Company") (TSX:AUMN) has announced that it has elected to stop operations at its Velardeña Properties, located in Durango State, Mexico.

The Company restarted mining operations at Velardeña in late December 2023, with the goal of progressively increasing production at the mine during the first half of 2024 until it achieved positive cash flow. The initial performance of the mine and processing plant during the course of the initial several months of production has not achieved the results projected by the Company. In light of the Company's decision to cease mining operations, the Company intends to evaluate potential alternatives for the Velardeña Properties, which may include a sale of properties or winding up of certain of the Company's Mexico operations.

Posted In: AUMN TSX:AUMN