Alexco Resource crushed after suspending Yukon milling operations (NYSE:AXU)

Alexco Resource crushed after suspending Yukon milling operations (NYSE:AXU)

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Alexco Resource (NYSE:AXU) -44.1% in Wednesday’s trading to its lowest in six-and-a-half years after saying it will suspend milling operations for 5-6 months to advance its lagging underground operations at its Keno Hill Silver District in Canada’s Yukon Territory.

Alexco (AXU) said “the rate of improvement in the advance of underground development remains insufficient to achieve the necessary number of production headings” to sustain 400 metric tons/day feed to the mill before the end of 2022.

The miner said it plans to restart ore extraction and milling operations in January 2023, and expects production and cash self-sufficiency should be achieved within Q1 2023.

Alexco Resource (AXU) recently reported a Q1 adjusted loss of $0.04/share on revenues of C$3.3M.

Originally Posted on: https://seekingalpha.com/news/3850841-alexco-resources-crushed-after-suspending-yukon-milling-operations?source=feed_tag_commodities
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