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Stock Market & Financial Investment News

News Breaks
November 29, 2012
16:22 EDTRICRichmont Mines provides information on Francoeur Mine closing
Richmont will take a pre-tax write-off of approximately C$11M-C$13M related to the closure of the Francoeur Mine, the majority of which will be accounted for in Q4. The write-off will consist of C$4M-C$5M in cash, related to employee severance, with the remaining amount being non-cash. Richmont anticipates that a sizable portion of the costs related to the closure will be recouped in several ways, including the redeployment of equipment to the Island Gold and Beaufor mines, where equipment purchases had been budgeted for 2013. Cost offsets related to surface infrastructure and remnant ore in certain stopes are also expected.
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