Loading ...Excellon eyes new assets in Mexico ahead of Platosa closure
Precious metals miners Excellon Resources (TSX, NYSE: EXN)( FRA: E4X2) is looking for new assets in Mexico ahead of the planned closure of its Platosa mine, one of the country’s highest grade silver mines.
The Canadian company said in January it planned to wind down operations at Platosa, in operations since mid-2005, in the third quarter of the year due to a series of challenges that have affected the mine.
These include the effect the polar vortex in February last year, entering a steeper area of the deposit, dewatering issues, increased consumables prices and legislative changes, Excellon said at the time.
Unionized workers walked off the job in March after collective bargaining talks broke down, deepening the mine’s challenges.
Relations between the company and the mine, its union and locals have soured at times, with Excellon having to declare force majeure in 2012 due to a sustained illegal blockade. The impact of the strike triggered the exit of the company’s financial officer.