Malaga suspends operations at tungsten plant in Peru
Oct 22 (Reuters) - Canadian miner Malaga Inc suspended production at its tungsten plant in Peru as power supply to its only producing mine was disrupted.
The company, which has been struggling with lower ore grade and selling prices, said there was a power outage at the Pasto Bueno mine after a hydro-electric transmission line was accidentally cut.
Repairs are expected to take four weeks and the company is maintaining the mining operations at a reduced pace.
"We intend to return to full production once we secure the necessary financing," Chief Executive Pierre Monet said.
Shares of the Montreal-based company, valued at about C$13 million, closed at 7.5 Canadian cents on the Toronto Stock Exchange on Friday.
- Missing Air Algerie plane from Burkina Faso has crashed: Algerian official
- Exclusive: Ukraine rebel commander acknowledges fighters had BUK missile
- Sierra Leone's chief Ebola doctor contracts the virus
- At least 15 dead in Israeli shelling of Gaza school- Health Ministry |
- European court says CIA ran secret jail in a Polish forest