September 17, 2012 / 3:12 PM / in 5 years

Goldgroup Mining delays environmental evaluation, shares down

Sept 17 (Reuters) - Goldgroup Mining Inc said it is delaying the evaluation of an environmental impact report for its flagship mining project in Mexico in view of the change in government, sending its shares down 18 percent.

The company’s stock, which has fallen 66 percent this year, was down 13 percent at 40 Canadian cents on Monday morning on the Toronto Stock Exchange. The stock was one of the top percentage losers on the exchange.

Mexican President-elect Enrique Pena pledged in July to focus on energy, labor and tax reforms and said he hopes to strike deals with opponents to help shepherd changes through Congress before he takes office in December.

The gold producer’s Caballo Blanco mining project, which is located in State of Veracruz, is expected to commence initial production in 2013. (Reporting by Ankur Banerjee in Bangalore; Editing by Sreejiraj Eluvangal)

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