Red 5 (ASX:RED) has released an update on its efforts to improve the efficiency at its Siana gold mine in the Philippines. According to the company, the construction activities on the thickener and tailings facilities are going as planned with a completion rate of 40% for the thickener and 34% for the tailings.
These updates on the Siana mine will be necessary to remove the ‘cease and desist’ order, and the company hopes to have completed everything by the end of this year. This date might be delayed if the company doesn’t receive some permit amendments which are necessary for the tailings facility. Even though the company expects to receive these permits by the end of this month, investors should count on some additional delays.
> Click here to read the press release
Disclosure: The author holds no position in Red 5. Please see our disclaimer for current positions.
