For a nominal cash consideration and a commitment to cover eventual reclamation liabilities estimated at about $1.3 million, Richmont Mines (ME) now has its own gold mill.
It is the old 1,400-ton-per-day Camflo mill, idled since the Camflo mine was shut down last year by American Barrick Resources.
Millfeed will come from the Francoeur mine, wholly owned by Richmont, near Rouyn-Noranda, Que. Processing will start in October. Until now, Richmont relied on custom-milling services provided by the Kerr Addison mill near Virginiatown, Ont.
The Camflo mill can process 500,000 tons per year, while Francoeur production estimates for 1994 are pegged at about 200,000 tons.
In an interview with The Northern Miner, Richmont President Jean-Guy Rivard emphasized the potential for expansion that the new mill represents. Additional processing capacity enables Richmont to acquire other mining projects and do custom milling.
“The purchase of this mill significantly favors the growth potential of the company,” Rivard said.
Be the first to comment on "Richmont acquires Camflo mill"