Concession 3452 Quote:
On April 1, 2019, the Company notified Colombia of its intention to renounce Concession 3452. The ANM has 30 business days to comment on Eco Oro’s decision to renounce the title. If it fails to do so, the renunciation
will automatically be deemed to have been accepted. Eco Oro will be required in due course to submit a plan for the closure of Concession 3452 to the local environmental authority, the CDMB.
source page 9:
https://sedar-filings-primary.thecse.com/00003568/1904261804039298.pdf ====================
Quote:
On April 1, 2019, the Company notified Colombia of its intention to renounce Concession 3452 to mitigate its losses. On May 13, 2019, by Resolution VSC No. 000365, the ANM accepted the renunciation of Concession 3452. The ANM is expected to continue with the administrative procedure of renunciation of Concession 3452 in accordance with Law 685 of 2001. On July 5, 2019, the Company submitted the closure plan related to the Concession 3452 to the
local environmental authority, the Autonomous Corporation for the Defense of the Bucaramanga Plateau (in Spanish, Corporacin Autnoma para la Defensa de la Meseta de Bucaramanga or CDMB) for approval.
source page 9 from:
This MD&A (For the six months ended June 30, 2019) contains a lot more text about the licence starting at page 7. I only quoted here the last part.
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Conclusion: I think the Eco Oro
board has the duty to explain several things to the shareholders... !!!
We lost not only roughly 500 million US $ market cap, but also do not know now what happened finallly with all our licences. Licences were once valid for nearly the whole gold district there in Colombia until 2027 with a prolongation option.