Uh What?IKN has issued the following report on GSL that has implications for all miners in Colombia, if it is accurate. I have not seen these comments elsewhere. It just points out the confusing application process in Colombia. This is adding loads of time to get the appropriate permits.
Any comment would be appreciated. I am trying to get another read on this.
IKN once againperforms an act of charitable kindness to the Canadian equitiesanalysis community, this time offering a glimmer of hope™ to NicholasCampbellSoup over at the Can of Corn, currently bogged down with what'slooking more like a
disaster buy call on Greystar Resources (GSL.to) back in November when it was trading two full dollars higher than now.
This is from IKN88 yesterday, Soupy. Enjoy.
Colombia’s new mining code may be declared inexecutable
Adevelopment out of Colombia that sounds like it may delay miningdevelopment on one level but, strangely, may help one specific andpolemic project move forward to construction.
Last week Colombia’s national procurator (9)asked that the current mining law reform be declare inexecutable,because 1) due to the fact that Colombia is a signee of theInternational Work Organization’s Covenant 169 that guaranteesindigenous populations the right to decide on the future of miningprojects and that 2) the new mining code was not presented to saidpopulations for their approval, it cannot be implemented. Apparently, atleast. We shall see.
Overthe medium-term this may become a setback for Colombia’s miningindustry as it tries to reform old and often difficult to work rules andregulations. The potential for bureaucratic bottlenecks is clear, buton the other hand if the current mining code is declared null and voidit may allow Greystar (GSL.to) to move forward with its Angosturaproject, unfettered by the new environmental code that protects about50% of the land on which it wants to develop its mine.
The IKN Weeklyis not calling GSL a buy at this point and the potential forunhindrance of rules that may help GSL is by no means a done deal, butit is a story we’ll be watching carefully in the near future fordevelopments.
