Orla Mining (ORLA) shares were down nearly 15% in recent Thursday trading after the company said it temporarily suspended mining operations at its Camino Rojo oxide mine in Mexico due to an "uncontrolled material movement event" on the pit wall.
The event was caused by rain, and no injuries or equipment damage were reported, according to a statement.
Although there was no environmental damage, rainwater diversion channels need to be re-established to prevent further material subsidence in the pit. Pit access is restricted to technical personnel for geotechnical assessments to ensure the safe resumption of mining activities, the company said.
Crushing and stacking of stockpiled material onto the heap leach will continue in the meantime.
Orla said it is evaluating any potential impact of the event on full-year production guidance for the mine.
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