China Nonferrous says avalanche to hit production at Pakrut mine

AIM-listed exploration and mining company China Nonferrous said on Tuesday that high levels of snowfall resulting in an avalanche and landslide have affected progress at its Pakrut gold project in the Republic of Tajikistan.

China Nonferrous Gold Limited (DI)

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17:30 03/05/24

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Mining

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The avalanche has disrupted local traffic and interrupted the power supply in the Pakrut area.

The company said that although the smelting and processing plants are undamaged, several buildings have collapsed and this, along with avalanche, is expected to have a significant impact on gold production.

"The full impact of the avalanche is still being evaluated and the company will provide an update in due course."

In 2016, the group purchased mine property insurance and the provider is currently preparing to survey the site.

At 1250 GMT, the shares were down 5.2% to 27.50p.