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Jaguar Mining Receives Fine Related to the Previously Announced Incident at the Satinoco Dry-Stacked Pile
TORONTO, ON / ACCESSWIRE / January 7, 2025 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TS...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Receives Fine Related to the Previously Announced Incident at the Satinoco Dry-Stacked PileTORONTO, 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$320 million (US$52.5 million). The Company considers the amount of the fine to be disproportionate to the scale of the event, as well as the actual impact caused by the incident. As a result, the Company plans to appeal the fine through a formal administrative process conducted by SEMAD.The Company has 20 days from the date of the aforementioned notice of infraction to accept the fine (which can be paid in up to 60 monthly instalments) or present a defense to SEMAD, during which the repayment obligation would be suspended until a final decision is rendered.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 QuadrangleThe 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...