Endomines AB said June 5 that it decided to postpone investment to continue production at the Pampalo gold mine in Finland beyond September.
As a result, output will be temporarily suspended.
The company determined that producing beyond that period would require a major investment, which, according to its estimates, would not be profitable at the prevailing market price of gold.
In addition, Endomines concluded negotiations with its employees concerning a reduction in workforce at Pampalo. It is estimated that 26 employees will be laid off for more than 90 days and four will be terminated.
The company initially said the move would affect about 40 workers.
Most of the personnel remaining at Pampalo will focus on an exploration project being carried out on the Karelian Gold Line, and targeting enabling profitable gold production in the longer term.
