Allied to restart gold ops today

ALLIED Gold Ltd, operator of the Simberi Gold mine in the New Ireland province, said on Wednesday that it would likely resume production at the gold mine today.
The mine has been ordered to stop production by the department of environment and conservation following a leak in the tailings mixing tanks early last month.
Allied Gold has completed repairs to the tailings facility and expected to receive the green light from the DEC to restart production by today.
This interruption caused the company to cut its output forecast at the mine by more than one-third to 10,700oz.
For everyday that the company has stopped work, it was estimated to cost the company in ‘lost revenue’ almost A$5million and in “lost profit” A$2.5million.
Simberi currently produces more than 72,000oz of gold, which is 200oz per day selling at current rates of A$1,400/oz.
Allied, which is quoted in Toronto, Australia and London, aims to spend A$32million to raise Simberi’s production to 100,000oz/year of the yellow metal.