Hycroft Mining Holding Corp. laid off 109 workers on Wednesday, and is ceasing all mining operations.
The mining company announced that as a result of current and expected costs, the company is discontinuing pre-commercial scale mining at its run-of-mine (“ROM”) operation.
The company also announces that David Kirsch has resigned as a member of the Board of
Directors and as Chairman of the Board.
They plan to continue producing gold and silver as long as the company believes it is economical and there is enough workforce to meet ongoing operational requirements.
“We are proud of the safety culture wehave established and our strong safety performance month after month this past year. We are very disappointed that the challenges and economics for our pre-commercial scale ROM operation necessitates that we cease mining, Hycroft Mining President and CEO Diane R. Garret said in a statement. "Until this point, the Company’s cash position was optimized through the ROM operation but, with increasing consumables costs, and the likely future timing of commercial scale sulfide operations, it is no longer prudent to continue the ROM operation while we move forward with our technical work."
