Jaguar Mining Faces Significant Fine Following Satinoco Incident

Jaguar Mining Inc., based in Toronto and trading under TSX:JAG, announced that its subsidiary in Brazil has been fined by the State Secretariat for the Environment and Sustainable Development. This follows a slump in the Satinoco dry-stacked pile at their Turmalina mine. The operation remains on hold as remediation efforts continue.

The fine is approximately R$320 million (US$52.5 million), which the company deems excessive. They plan to appeal, suspending repayment until a decision is made. Jaguar expresses ongoing commitment to resolving issues and supporting affected employees in Minas Gerais.

The Turmalina incident temporarily halts their MTL complex operations, but the Pilar mine remains active. With a rich history of mineral exploration in the Iron Quadrangle, Jaguar plans to resume mine operations as soon as safety allows.