The closure will be effective December 14, when the company will furlough its staff save for about 10 that will remain on staff to oversee the mine's care and maintenance.
Monarques has not indicated how long the idling could last, but did note that custom milling operations at the Camflo facility will not be affected. It will also continue exploration activities at Beaufor.
"This decision was necessary for the future of the corporation," president and CEO Jean-Marc Lacoste said. "[O]perations at the Beaufor mine have been challenging in the last two quarters, a situation that had to be corrected at all costs."
He said Monarques' focus in the coming quarters will be identifying ways to improve mining grades, while also carrying on with its promising exploration plan.
"Our goal is to restart the Beaufor mine as soon as we are able to ensure that our operations will be profitable," he added.
In addition to the changes at Beaufor, the miner said it will step up its efforts at its flagship Wasamac gold deposit, which it said has the potential to become a mine. A release of details on the feasibility study of the deposit is forthcoming.
Monarques holds a 100% interest in the underground Beaufor, which uses long-hole and bord-and-pillar mining.