VANCOUVER (miningweekly.com) – The TSX-listed stock of Argonaut Gold on Friday fell by more than a quarter after the Mexican environmental authority (SEMARNAT) denied the environmental impact statement (Manifiesto de Impacto Ambiental, or MIA) application for its San Antonio gold project, in Baja California Sur state.
The SEMARNAT cited the reason for not approving the MIA as requiring more information about the construction, operation and closure plans for the project, as well as further information regarding the impact on the local aquifer.
The company said it is evaluating alternatives including legal options, the possible resubmittal of a revised MIA and continuing dialogue.
Argonaut had in July won a federal court case appealing the 2012 denial of the San Antonio MIA owing to municipal zoning incompatibility issues over a portion of the site.
Argonaut stock fell by as much as 26% on Friday to C$1.48 apiece, having risen 80% since the start of the year to a Thursday closing price of C$2.01.