Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Greystar shares spring back to life as Colombian decision reversed

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Places » Latin America Donate to DU
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-01-10 02:26 AM
Original message
Greystar shares spring back to life as Colombian decision reversed
Greystar shares spring back to life as Colombian decision reversed
Stock jumps 44%

Peter Koven, Financial Post
Published: Tuesday, June 01, 2010


After five weeks of panic, Greystar Resources Ltd. is back where it started. Now it has to move to the next stage: build a gold mine in northern Colombia that has been more than 15 years in the making.

Vancouver-based Greystar is trying to develop Angostura, a massive undeveloped deposit expected to produce more than 500,000 ounces of gold a year over 15 years. Given its size and scale, it is a key proof point for mining in Colombia, an emerging gold mining district where few foreign companies have tread.

Greystar appeared to be proceeding well until April 26, when it shocked investors by announcing that it was subject to changes in the government's mining code that appeared to ban mining in Colombia's "Paramo" ecosystem. Angostura infringes on that area.

The stock immediately plunged more than 40% as investors got a harsh reminder of Colombian political risk.

But in a rare occurrence for a junior mining company, Greystar got the decision reversed. Quickly.

Yesterday, the company confirmed that its appeal of the decision was successful, and that the government reinstated its environmental impact assessment. That means it can continue with its prior mine plan.

More:
http://www.financialpost.com/todays-paper/story.html?id...
Printer Friendly | Permalink |  | Top

Home » Discuss » Places » Latin America Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC