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Friday, June 7, 2019 - 10:07:38 PM
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Mining News Pro - Solgold’s (LON, TSX: SOLG) stock took another hit on Thursday, the day after submissions for a public hearing were heard in Ecuadorean Constitutional Court regarding the proposed referendum on mining in the provinces where the Australian miner’s 85% owned Cascabel project and other wholly owned exploration projects are located.
According to Mining News Pro - Solgold holds 72 mineral concessions in Ecuador through four subsidiaries.
Representatives from several Ecuadorean government bodies, regional community representatives, pro-mining groups, international mining groups workers and community members from Cascabel attended the hearing to demonstrate their opposition to the proposal, Solgold said in a media release.
The court is expected to deliver its verdict by June 24.
Earlier in the week, the vice president of the Republic of Ecuador, Otto Sonnenholzner, launched a new mining policy backing large-scale projects in the country. The policy is designed to strengthen investment and increase production in the mining sector and sets out a framework for environmental and social sustainability.
The policy document establishes the framework for mining sector planning for the period 2019-2030 and defines the government decision that will allow consolidating this sector as a fundamental axis of the country`s economy, with a contribution to GDP of 4% by 2021.
SolGold recently announced findings from its preliminary economic assessment (PEA) for the Alpala deposit in the Cascabel project in northern Ecuador. The project indicated approximately $17B (at $3.30/lb copper price and $1,300oz gold price) in taxes, royalties and profit shares to the government and peoples of Ecuador, Solgold said.
Solgold’s stock was down 8.6% Thursday morning on the Toronto Stock exchange. The miner`s stock has been trading low amidst worries surrounding the proposed referendum.
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https://www.miningnews.ir/En/News/383629
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