Business
Trevali Issues Statement on COVID-19 Response and Provides Business Update, Including Amendment to Revolving Credit Facility
Trevali Issues Statement on COVID-19 Response and Provides Business Update, Including Amendment to Revolving Credit Facility.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\n VANCOUVER, British Columbia, April 03, 2020 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (TSX: TV, BVL: TV; OTCQX: TREVF, Frankfurt: 4TI) (“Trevali” or the “Company”) is providing details of its response to the COVID-19 pandemic, including the steps taken to ensure the health and safety of its workforce, as well as the initiatives underway across the Company to accelerate its T90 program to sustainably reduce the cost structure of the business, preserve cash and support the long term value of its assets. In addition, the Company is announcing an amendment to its revolving credit facility entered into with its lenders, as well as an update as to the status of each of its operations. Ricus Grimbeek, President and CEO stated, “The health of our people and communities is our first priority. We adopted early COVID-19 management practices, which have been recognized by the governments in Peru, Burkina Faso and in Namibia and have enabled us to continue operating. Actions include stopping all non-essential travel and all employees who can work remotely are doing this. At all of our operations, we have implemented testing, social distancing and greatly increased cleaning and disinfection. We will continue to demonstrate organizational agility using our technology platform. We will continue to invest in healthcare support for our local communities and countries where we operate, because their protection is both the right thing to do and it reduces risk for our operations. As of today, Perkoa and Rosh Pinah continue to operate at full capacity with enhanced health measures in place. The situation remains dynamic and the status of the operations are showing some evidence of disruption with the notable example being a curtailment of processing activities at Santander. Despite difficult conditions our workforce is engaged, and they have shown great resolve. Our industry is facing strong headwinds, but over the last year the team has achieved record production while reducing costs and increasing efficiencies under our T90 program launched last November. We have delivered nearly half of the annual sustainable efficiencies against T90’s initial target of $50 million. The overall goal of T90 had been to reach an All-In-Sustaining-Cost (“AISC¹”) of $0.90 per pound of payable zinc by t...