Galena Mine Cuts Workforce - Spokane, North Idaho News & Weather KHQ.com

Galena Mine Cuts Workforce

It was announced Tuesday that the workforce at the Galena Mine will be reduced from 351 to 225. 

The Small Mine Plan focuses on increasing the grade mined to be profitable at current silver prices. Increasing grade will reduce the Company's operations. The SMP will be implemented immediately, target both fixed and variable costs and entail the following actions:

 

  • The number of operating stopes will be reduced from current levels to approximately fifteen;
  • Staff at the Galena Mine Complex will be reduced from 351 to 225;
  • The Coeur Shaft and Coeur Mill will be put on care and maintenance;
  • Further capital development and exploration reductions will be made;
  • Levels 2800, 3000, 3200, 4300 and 5500 will be put on care and maintenance;
  • Milling of both silver/copper and silver/lead ore will be campaigned through the Galena Mill.
  • Although the SMP will result in reduced tonnage, the decrease in revenue will be partially offset by an increase in grade.
The Company expects to release its second quarter financial results on Tuesday August 13, 2013

 

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