December 23, 2014 / 6:03 PM / in 4 years

Eco Oro evaluating Colombia mine project after environmental ruling

BOGOTA, Dec 23 (Reuters) - Toronto-listed Eco Oro said on Tuesday it was evaluating how it would develop its gold mining project in Colombia after the government marked out the geographic limits of protected moorland in the area it has been planning to mine.

The company said last week’s determination of the limits of the ecologically delicate area known as the Paramos, “could to some extent affect the exploitation of the Angostura concession”.

It did not give further details on how, or to what extent, the ruling would affect the project but said the government resolution does provide for some mining activity inside the Paramos area under stricter environmental supervision.

“We are committed to developing the Angostura project in a socially and environmentally sustainable way,” CEO Anna Stylianides was quoted as saying in a statement.

Trading in the company’s shares in Toronto has been extremely volatile and had been suspended by the Canadian regulator, pending the announcement. The shares resumed trading on Tuesday and had risen 10 percent by 1745 GMT.

Environment Minister Gabriel Vallejo said last week that 100,000 hectares of land in the Paramos would be “totally protected” by the new regulation whose development in the last couple of years cast doubt on the viability of mining projects. (Reporting by Peter Murphy)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below