Last checked at 23 Feb 2023 14:35
China Nonferrous Gold Limited
(“CNG” or the “Company”)
Snowfall impacts production at Pakrut Gold Mine
China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, announces the area surrounding the Pakrut gold mine site has experienced high levels of snowfall resulting in several avalanches and landslides.
The Company is pleased to report that there have been no casualties at site and the Pakrut site itself remains undamaged. However, the avalanches have damaged one electric power transmission tower that supplies the mine resulting in a consequential interruption of the power supply. In addition, the roads to the site have been damaged. The lack of power means that the underground mining and the processing plant have been suspended with immediate effect. It is anticipated that operations will remain suspended for approximately one month although further updates will be provided in due course, as appropriate. The smelting plant is currently operating and processing existing stocks of gold concentrate, however this operation will also be suspended from 28 February 2023 until the power issue is resolved. Accordingly, the Company confirms there will be no production at site for at least one month with a consequential impact on revenues and financial results. Further updates will be provided once the power to site is restored.
The Company has deployed emergency maintenance teams to the area to urgently carry out repair work on the road and to recover the power supply facilities.
The full impact of the avalanche and recovery work are still being evaluated and the Company will provide an update in due course.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Zhang Hui, Managing Director
Tel: +86 10 8442 6662
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell, Andrew de Andrade
Tel: +44 (0)207 220 1666
BlytheRay (PR)
Tim Blythe, Megan Ray
Tel: +44 (0)20 7138 3224
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
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