- Orvana Minerals Corp (TSX:ORV) has recommenced operations at the El Valle mine in Spain, as the government mandated lockdown comes to an end.
- The company was forced to suspend operations at the site two weeks ago but has been able to slowly restart operations as the government’s COVID-19 restrictions were further clarified in the intervening period
- Orvana has chosen to suspend its 2020 guidance
- The company will announce any further updates, regarding the effects of the COVID-19 pandemic, by mid-May or earlier.
- Orvana Minerals Corp (ORV) is down 9.38 per cent, with shares trading at C$0.14 and a market cap of $19.81 million.
Orvana Minerals Corp (TSX:ORV) has recommenced operations at the El Valle mine in Spain but still revoked its 2020 guidance.
The company was forced to suspend operations at the site two weeks ago, due to the Spanish Government’s extended lockdown order. The lockdown was intended to slow the spread of COVID-19 through the population.
Since announcing the suspension, Orvana was able to slowly ramp back up operations, as the government continued to clarify the lockdown’s effect on the mining industry.
As production at the El Valle is subject to international contractual commitments, the government allowed some production to commence earlier than expected.
This was a positive development for Orvana, as its only other site, The Don Mario property in Bolivia, has been on care and maintenance for unrelated reasons, since November last year.
Now the lockdown measures have expired, the company is free to fully ramp-up production, while adhering to COVID-19 safety measures.
Despite the recommencement of operations, CEO of Orvana, Juan Gavidia, believes the company’s focus should still remain on safety.
“Our team continues to prioritize and focus on the health and safety of the workforce through the implementation of preventive protocols and strictly following the health authority’s recommendations.
“The company continues to assess potential COVID-19 impacts on operations and continues to adhere to directives from the central and local governments,” he said.
In a 2020 outlook, released alongside this news, Orvana still remains unsure about its financials for the rest of the year.
Potential mining supply issues and further operational disruptions in the near-term, have contributed to Orvana’s decision to recall its previous 2020 guidance.
The company plans to announce any further updates, regarding the effects of the COVID-19 pandemic on its operations, by mid-May or earlier.
Orvana Minerals Corp (ORV) is down 9.38 per cent, with shares trading at C$0.14 at 11:29am EST.