Tibet landslide sends China Gold Internat'l shares sharply lower

Mon Apr 1, 2013 10:51am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO, April 1 (Reuters) - Shares of China Gold International Resources Corp Ltd dropped nearly 16 percent on Monday after a landslide at an exploration area near the company's Jiama mine in Tibet trapped 83 people.

The landslide hit early Friday morning, the miner said in a release on Saturday. It said the local government was organizing the rescue effort.

The Vancouver-based company, which trades in Toronto and Hong Kong, says it is the "overseas flagship vehicle" of the state-owned China National Gold. China National Gold's stake was 39.3 percent as of Nov. 20, 2012, according to Thomson Reuters data.

China Gold International said its management team had called off an investor road show to return to China and assist with the rescue operation.

The company has two operating mines. Last week it forecast 2013 production of 26.5 million pounds of copper at Jiama, and 145,000 ounces of gold at its CSH mine in northern China.

Shares were down 15.6 percent at C$3.24 on the Toronto Stock Exchange on Monday morning. (Reporting by Allison Martell; editing by Matthew Lewis)