TSXV:NORA.H - Post by User
Post by
flymaron Aug 26, 2011 3:01pm
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Post# 18983862
Notes from Argentina
Notes from Argentina | Aug 26 (Reuters) - Shares of Coro Mining fell to their lowest in two years on Friday, a day after the Canadian precious metals explorer said Argentina's Mendoza provincial legislature voted against a key environmental certification for its San Jorge copper-gold project. Vancouver, British Columbia-based Coro said it will seek legal redress and compensation through Argentinean and international courts. The company said on its website that its environmental impact statement had been approved by the Mendoza government in 2008, and was awaiting ratification by the provincial legislature. "The decision to not ratify the EID (environmental impact declaration) was taken against the clearly expressed wishes of the current government," Coro said in a statement. The miner, which is majority owned by Benton Resources , was in advanced talks to deliver a carried 10 percent interest in the project to the province. San Jorge is a development-stage copper-gold project in west-central Argentina, and a preliminary study in 2008 forecast production of 39,500 tonnes of copper per annum and 39,000 ounces of gold per annum over a 16-year mine life. Coro shares fell 31 percent to a low of 18 Canadian cents on Friday, making it one of the top percentage losers on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)
Not to be a naysayer but isn't Navidad in Argentina and isn't the EID the holdup on this. Correct me if I'm wrong on this. Just because they said they might does not mean they will.
flymar |