February 24, 2012 / 12:42 PM / 6 years ago

UPDATE 1-Mandalay says unrest delays Chile mine shipments

Feb 24 (Reuters) - Canada’s Mandalay Resources said scheduled shipment of concentrate for February from the Cerro Bayo silver-gold mine in Chile has been delayed due to unrest in that country.

The protest in the Aysen province — that led to temporary closure of the port facilities and many roads, including the one leading to the mine — began about a week ago against the government’s move to reduce fuel subsidies.

Mandalay, which has assets in Australia and Chile, said it cannot yet predict the duration of the protests or their impact on the shipping and production schedule for Cerro Bayo.

For the three months ended Dec. 31, 2011, the Cerro Bayo mine produced 2,109 ounces of gold and 395,296 ounces of silver.

The protests do not involve employees of the mine or relate to any labour issues, the company said in a statement.

Japan’s Dowa Metals and Mining Co is the main customer for the mine’s silver-gold concentrate.

Shares of company closed at 81 Canadian cents on Thursday on the Toronto Stock Exchange.

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