TSX:SUE.WT - Post by User
Post by
larr1on Jun 28, 2011 9:56am
420 Views
Post# 18773245
The Globe and Mail reports in its Tuesday
The Globe and Mail reports in its TuesdayGlobe says Bear Creek, others suffer Peru sell-off
2011-06-28 08:54 ET - In the News
See In the News (C-BCM) Bear Creek Mining Corp
The Globe and Mail reports in its Tuesday edition there was a sharp sell-off in Peru-focused stocks on Monday after the government cancelled one of Bear Creek Mining's silver projects. The Globe's Brenda Bouw writes investors panicked after Peru said the recently approved Santa Ana project was no longer in the public's "best interest" in the aftermath of anti-mining protests that turned deadly. The news hammered Bear Creek shares, which dropped another 27 per cent to $3.75. Bear Creek shares were at an all-time high of $12 in March. Bear Creak said it is launching legal action against Peru, arguing that nothing has changed with the project since it passed all the requirements necessary to operate in the country. Investors were clearly shocked at the move made by outgoing President Alan Garcia, who will be replaced next month by left-wing nationalist and former army rebel Ollanta Humala. "We also did not anticipate anything dramatic out of the outgoing government," Raymond James analyst Brad Humphrey said in a note. "Unfortunately ... this was not the case." Other miners hit by the action include Duran Ventures, Sulliden Gold, Candente Copper, Fortuna Silver Mines and Trevali Mining.