Mining companies in Peru have been resuming their activities gradually since May and some already operate at 100% capacity, as is the case of Volcan, whose mining units are located in the country's central highlands.
Volcan —one of the largest producers of zinc, lead and silver— told the
Superintendence of Securities Market (SMV) that all its production activities were suspended on March 16, and have gradually restarted since May 18.
As for its mining units, Cerro's operations restarted on May 29 at 100% capacity, while Yauli unit restarted operations on May 18 and reached full capacity on June 18.
In Chungar, operations restarted on May 20 and were resumed at 100% capacity starting June 24, whereas in Oxidos, operations were fully resumed since June 4.
Finally, Alpamarca unit restarted operations on June 18 and achieved full operational capability on June 19.
The mining company reported that it has not resorted to the perfect suspension (suspension without pay) or reduced the workforce, due to the current situation caused by COVID-19.
Additionally, Volcan reported it has received financing from the
Reactiva Peru Program and that it has refinanced short-term credit contracts.
About Volcan
The company is considered one of the lowest cost producers in the industry due to the quality of its ore deposits. Volcan began operations in 1943 at the heights of the Ticlio Pass. All operations are located in the central mountains of the Peruvian Andes.
(END) MMG/JJN/RMB/MVB
Published: 7/23/2020