Jaguar Mining Receives Fine Related to the Previously Announced Incident at the Satinoco Dry-Stacked Pile
Jaguar Mining (TSX:JAG) announced that its subsidiary received a civil-liability fine of approximately R$320 million (US$52.5 million) from SEMAD regarding a slump in the north wall of the Satinoco dry-stacked pile at the Turmalina mine. The company considers the fine disproportionate and plans to appeal through SEMAD's administrative process.
Operations at the Turmalina mine remain temporarily suspended following the incident, while the Pilar mine continues operating. The company has 20 days to either accept the fine (payable in up to 60 monthly installments) or present a defense, during which the repayment obligation would be suspended pending a final decision.
Jaguar reaffirms its commitment to ongoing remediation efforts, assisting affected employees and families, and aims to restart the Turmalina mine operations safely and profitably.
Jaguar Mining (TSX:JAG) ha annunciato che la sua sussidiaria ha ricevuto una multa per responsabilità civile di circa R$320 milioni (US$52,5 milioni) da SEMAD riguardo a un cedimento nella parete nord dello stoccaggio a secco Satinoco presso la miniera di Turmalina. L'azienda considera la multa sproporzionata e prevede di presentare appello attraverso il processo amministrativo di SEMAD.
Le operazioni nella miniera di Turmalina rimangono temporaneamente sospese a seguito dell'incidente, mentre la miniera di Pilar continua a operate. L'azienda ha 20 giorni per accettare la multa (pagabile in fino a 60 rate mensili) o presentare una difesa, durante i quali l'obbligo di pagamento sarà sospeso in attesa di una decisione finale.
Jaguar riafferma il suo impegno per gli sforzi di bonifica in corso, assistendo i dipendenti e le famiglie colpite, e mira a riprendere le operazioni della miniera di Turmalina in modo sicuro e redditizio.
Jaguar Mining (TSX:JAG) anunció que su subsidiaria recibió una multa por responsabilidad civil de aproximadamente R$320 millones (US$52.5 millones) de SEMAD debido a un deslizamiento en la pared norte de la pila apilada en seco Satinoco en la mina Turmalina. La empresa considera que la multa es desproporcionada y planea apelar a través del proceso administrativo de SEMAD.
Las operaciones en la mina Turmalina permanecen temporalmente suspendidas tras el incidente, mientras que la mina Pilar sigue operando. La empresa tiene 20 días para aceptar la multa (pagadera en hasta 60 cuotas mensuales) o presentar una defensa, durante los cuales la obligación de reembolso se suspenderá a la espera de una decisión final.
Jaguar reafirma su compromiso con los esfuerzos de remediación en curso, asistiendo a los empleados y familias afectadas, y tiene como objetivo reiniciar las operaciones de la mina Turmalina de manera segura y rentable.
재규어 마이닝 (TSX:JAG)은 그 자회사가 투르말리나 광산의 세틴코 건식 적치구역 북쪽 벽에서 발생한 붕괴에 대해 SEMAD로부터 약 R$320백만(미화 5,250만 달러)의 민사 책임 벌금을 부과받았다고 발표했습니다. 회사는 이 벌금이 불균형적이라고 판단하며 SEMAD의 행정 절차를 통해 항소할 계획입니다.
투르말리나 광산의 작업은 사건 발생 후 일시적으로 중단되었으며, 필라르 광산은 계속 운영되고 있습니다. 회사는 벌금을 수락하거나(최대 60개월 할부로 지급 가능) 변론을 제시할 20일이 있으며, 이 기간 동안 최종 결정이 내려질 때까지 상환 의무는 일시 정지됩니다.
재규어는 지속적인 제거 노력에 대한 약속을 재확인하며, 피해를 입은 직원과 가족을 지원하고, 안전하고 수익able하게 투르말리나 광산에서의 작업을 재개할 것을 목표로 하고 있습니다.
Jaguar Mining (TSX:JAG) a annoncé que sa filiale avait reçu une amende civile d'environ R$320 millions (US$52,5 millions) de SEMAD concernant un effondrement dans le mur nord du tas sec de Satinoco à la mine de Turmalina. La société considère que l'amende est disproportionnée et prévoit de faire appel dans le cadre du processus administratif de SEMAD.
Les opérations de la mine de Turmalina restent temporairement suspendues suite à l'incident, tandis que la mine de Pilar continue d'opérer. L'entreprise a 20 jours pour soit accepter l'amende (payable en jusqu'à 60 mensualités) soit présenter une défense, durant laquelle l'obligation de remboursement sera suspendue en attente d'une décision finale.
Jaguar réaffirme son engagement envers les efforts de remédiation en cours, en soutenant les employés et les familles touchées, et vise à redémarrer les opérations de la mine de Turmalina de manière sûre et rentable.
Jaguar Mining (TSX:JAG) gab bekannt, dass ihre Tochtergesellschaft von SEMAD eine zivilrechtliche Geldstrafe von etwa R$320 Millionen (US$52,5 Millionen) wegen eines Abbruchs in der Nordwand des trocken gestapelten Satinoco-Haufwerks in der Turmalina Mine erhalten hat. Das Unternehmen hält die Strafe für unverhältnismäßig und plant, diese im Verwaltungsverfahren von SEMAD anzufechten.
Die Aktivitäten in der Turmalina Mine sind nach dem Vorfall vorübergehend ausgesetzt, während die Pilar Mine weiterhin in Betrieb ist. Das Unternehmen hat 20 Tage Zeit, um die Strafe zu akzeptieren (zahlbar in bis zu 60 monatlichen Raten) oder eine Verteidigung vorzubringen, während der die Rückzahlungsverpflichtung bis zu einer endgültigen Entscheidung ausgesetzt wird.
Jaguar bekräftigt sein Engagement für laufende Sanierungsmaßnahmen, unterstützt betroffene Mitarbeiter und Familien und strebt an, die Betriebe der Turmalina Mine sicher und profitabel wieder aufzunehmen.
- Pilar mine remains operational, maintaining partial production capacity
- Option to pay fine in 60 monthly installments if accepted
- Opportunity to appeal and suspend payment obligation during review process
- R$320 million (US$52.5 million) civil-liability fine imposed
- Turmalina mine operations remain suspended
- Potential financial impact from fine payment and suspended operations
TORONTO, ON / ACCESSWIRE / January 7, 2025 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG) announced that its subsidiary, Mineração Serras do Oeste, has received a notice of infraction and resulting civil-liability fine from the State Secretariat for the Environment and Sustainable Development (SEMAD) of Minas Gerais, Brazil in connection with the previously announced slump that occurred in the north wall of the Satinoco dry-stacked pile at the Company's Turmalina mine (see the press releases issued by Jaguar on December 9, 2024 and December 30, 2024, respectively). Operations at the Turmalina mine remain temporarily suspended following the incident. The Turmalina mine is part of the Company's MTL mining complex located in the state of Minas Gerais, Brazil, approximately 130 kilometers northwest of the city of Belo Horizonte. The Company's Pilar mine in Brazil remains operational.
The face value of the fine amounts to approximately R
As remediation efforts remain ongoing and notable progress continues to be made in this regard, the Company reaffirms its commitment to resolving the issues arising from the dry-stacked slump and assisting the employees and families impacted by this incident. Jaguar will continue to cooperate with local authorities to resolve the issue in a fair and transparent manner. Jaguar is also committed to restarting the Turmalina mine as soon as it becomes possible and to operate it safely and profitably in the future.
The Iron Quadrangle
The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million-ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar holds the second largest gold land position in the Iron Quadrangle with over 41,000 hectares.
About Jaguar Mining Inc.
Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the MTL Mining Complex (Turmalina mine and plant) and Caeté Mining Complex (Pilar and Roça Grande mines, and Caeté plant). The Roça Grande mine has been on temporary care and maintenance since April 2019. The Company also owns the Paciência Mining Complex (Santa Isabel mine and plant), which had been on care and maintenance since 2012 and is planned to restart in early 2025. Additional information is available on the Company's website at www.jaguarmining.com.
For further information please contact:
Vernon Baker |
|
Alfred Colas |
Forward-Looking Statements
Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "anticipates," "continue," "estimate," "believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, the results and outcome of the Company's intended appeal of the aforementioned fine, the duration of the temporary suspension of the Company's MTL complex in the wake of the slump at its Satinoco dry tailings pile, the cost of resuming operations at the MTL complex, the impact of the tailings pile slump on the waterways and infrastructure at or near the Turmalina mine, the future stability of the tailings pile in question and safety at the Turmalina mine, the amount, timing and payment terms of any future fines imposed on the Company, as well as any costs and damages arising from any civil and criminal lawsuits, resulting from the tailings pile slump, the expected impact of Jaguar's planned relocation of personnel and equipment from the Turmalina mine to the Company's Pilar and Santa Isabel mines, management's expectations regarding the Company's response to the tailings pile slump and the Company's recovery and remediation efforts at the MTL complex, and any information and statements related to expected growth, sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, without limitation, the following: assumptions regarding the future and long-term stability of the Satinoco tailings pile; collaboration with the Brazilian National Mining Agency and local authorities will continue to progress effectively and without significant delays; damages to the Turmalina mine infrastructure, including maintenance areas, piping, storage areas, can be repaired or replaced within the anticipated timeline; the safety of the mine site can be verified to meet or exceed regulatory and internal safety standards before operations resume; necessary resources, including materials, personnel and equipment, will remain available to implement repairs and safety measures efficiently at the MTL complex; there will be no unforeseen adverse weather events or other external factors that could delay the Company's recovery or remediation efforts; the current assumptions regarding the extent of the damage and timeline for repairs at the MTL complex remain accurate and will not require significant revision as further assessments are completed; gold prices and exchange rates will continue at similar or more favourable levels for the Company on a go-forward basis; assumptions relating to the estimated timeline for the development of the Company's mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. For additional information regarding assumptions made with respect to forward-looking information contained herein, please see the assumptions set forth in the Company's annual information form dated March 25, 2024 for the year ended December 31, 2023, the Company's most recent management's discussion and analysis, and the Company's NI 43-101 technical reports, as well as other public disclosure documents that can be accessed under the issuer profile of "Jaguar Mining Inc." on SEDAR+ at www.sedarplus.ca. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE: Jaguar Mining, Inc.
View the original press release on accesswire.com
FAQ
What is the amount of the fine imposed on Jaguar Mining (JAGGF) for the Satinoco incident?
How long does Jaguar Mining have to respond to the SEMAD fine?
What payment terms are available for the SEMAD fine to Jaguar Mining?
Which Jaguar Mining operations are currently affected by the Satinoco incident?
Where is the affected Turmalina mine located?
