JOHANNESBURG (miningweekly.com) – Toronto-listed Colossus said on Monday that development work at its Serra Pelada precious metals project was not affected by this weekend’s protest action.
A group vying for control of its joint venture (JV) partner, Cooperativa de Mineração dos Garimperios de Serra Pelada, organised the protest action, but was prevented by police from reaching the mine gate.
“Police responded quickly against this attempted protest. We are confident that the legal and judicial system in Brazil will do everything possible to bring the people responsible for these actions to justice,” CEO Claudio Mancuso commented.
Last month, Colossus announced a production delay at its 75%-owned Serra Pelada gold/platinum/palladium mine as a result of higher-than-expected water inflow at the site. At the time, it also said that it would need additional funds to deal with the impact of the delay.
The company has since secured $33-million equity financing to fund development expenditures at the project.