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Orosur Mining taking decisive steps to tackle gold price

Ignacio Salazar, chief executive & director of Orosur Mining (LON:OMI) (TSE:OMI), explains the steps being taken by the Latin American miner in order to deal with the weaker price of gold.

With the precious metal trading around the US$1,130 an ounce mark, the company told investors today it is conducting a review of its operating and exploration plans.

Its aim is to preserve cash and maximise profitability at is San Gregorio site in Uruguay, which produced 53,485 ounces of gold during the year to May 31.

Meanwhile, the firm looking for opportunities in Columbia and  agreements with Codelco and Asset Chile means Orosur is set to start drilling Anillo in Chile by the end of this year.

Quick facts: Orosur Mining Inc

Price: 23.5 GBX

AIM:OMI
Market: AIM
Market Cap: £43.8 m
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