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Mandalay Resources says coronavirus has had no impact on output to date; updates on protocols

None of the miner's employees and contractors have been diagnosed with the coronavirus, it said

Mandalay Resources Corp. -
All sites have reviewed hygiene and sanitization protocols and increased frequency in cleaning of common and high-traffic zones, Mandalay added

Mandalay Resources Corp (TSE:MND) (OTCMKTS:MNDJF) told investors that the coronavirus pandemic has not impacted its production or supply chain so far

There has been an outbreak in all the countries where Mandalay operates - Canada, Australia, Sweden and Chile - but none of its employees and contractors have been diagnosed with the virus, the group said in a statement.

READ: Mandalay Resources restructures its debt with HSBC and Macquarie; unveils new US$65M facility 

"At this time, the company has activated business continuity practices across all sites, including its corporate office in Toronto, Canada, that is now closed, with all employees working from home, in keeping with Public Health Ontario guidelines. Management will continue to monitor developments across all jurisdictions and will adjust its planning as necessary," Mandalay added.

Among the protocols, Mandalay has put in place are that employees or contractors cannot come to work if displaying symptoms of influenza or coronavirus and there is a company-wide restriction on international travel to limit risk of exposure.

Where possible, employees are encouraged to work from home, and flexible work arrangements are in place.

All sites have reviewed hygiene and sanitization protocols and increased frequency in the cleaning of common areas and high-traffic zones.

Sites are also currently implementing intermittent temperature screening for people upon arrival and will follow all local government guidelines with respect to reporting of symptoms related to coronavirus to public health authorities.

Managing and reviewing

For business continuity, Mandalay said it was "managing current impacts of the pandemic carefully” and reviewing the potential for more severe impacts resulting from the virus and regulations imposed, should they be needed.

Last week, Mandalay told investors it had restructured its debt with HSBC and Macquarie Bank and announced a new US$65 million credit facility.

The miner announced a new senior secured revolving credit facility for up to US$25 million and a senior secured facility of up to US$40 million (the syndicated facility ). The latter will amend and restate Mandalay's existing bilateral US$40 million revolving credit facility with HSBC, which was scheduled to mature on July 24 this year.

Contact the author at giles@proactiveinvestors.com

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Price: 1.56 CAD

TSX:MND
Market: TSX
Market Cap: $142.25 m
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