Blackout at Hemlo gold mine to slow ramp-up - The Northern Miner

AI desk brief

A temporary blackout at Hemlo’s Ontario gold mine is curtailing underground development and slowing the planned ramp-up toward 4,800 tonnes per day, creating near-term downside risk to gold output. Scotia’s Ovais Habib said H2 production now looks about 59,600 oz., roughly 20% lower, though the ounces are likely delayed rather than lost; TD and National Bank also flagged lower grades and reduced operating flexibility.

Hemlo says processing and other mine areas have continued uninterrupted, and management is working on repairs, expedited substation replacement and work resequencing. The stock fell 8.9% to C$7.55, underscoring operational execution risk during what analysts called a transition year for the asset.