Since reaching commercial production in June, Hope Bay’s production has been below expectations. Courtesy of TMAC Resources
Just months after TMAC Resources reached commercial production at its sole mining property, the Hope Bay mine in Nunavut, its CEO Catharine Farrow is retiring, the company announced Thursday. Farrow’s retirement is effective Dec. 31.
Farrow also left her post as a director of the company, effective Thursday.
Terry MacGibbon, TMAC’s executive chairman, will immediately assume Farrow’s responsibilities and will work with her during the coming weeks to ensure an efficient transition.
“I look forward to working with the TMAC team as we continue to ramp up the Doris processing plant to design capacity and develop Hope Bay as Canada’s next gold mining district,” MacGibbon said in a statement.
Farrow has been CEO, director and co-founder of TMAC since 2012. She led the transition of the western Nunavut Hope Bay gold mine from care and maintenance to commercial production in a four-year span.
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Since reaching commercial production in June, Hope Bay’s production has been below expectations. At the end of the second quarter TMAC announced 60,600 tonnes of ore were processed at Hope Bay with 67 per cent average recoveries for the month of June.
At the end of the third quarter, 59,800 tonnes of ore were processed at Hope Bay with average recoveries of only 62 per cent. The company expects to process 215,000 to 225,000 tonnes of ore in 2017, down from the projected 325,000 tonnes at the beginning of the year.