https://www.miningweekly.com

SolGold seeks to assure market amid Ecuador turbulence

10th October 2019

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Exploration and development firm SolGold assured shareholders on Thursday that its operations in Ecuador were not affected by the protests in that country and said that it had taken precautions to keep its employees safe.

The protests were sparked by President Lenin Moreno’s announcement last week of an end to subsidies that had been holding down fuel prices. A state of emergency was declared last week, but it has failed to end protests by groups demanding an end to austerity and the return of fuel subsidies.

SolGold said that government had initiated discussions with some groups and that it was its understanding that progress had been made.

“It is expected that the protests may continue in the short term, however SolGold has every confidence that the government, with the support of Ecuadorean institutions, will be able to adequately address the situation and restore order in the near term,” it said in a statement, addressing the company’s sharp fall in its share price over the last week.

SolGold had lost more than a fifth of its value on the London exchange this week, hitting a 52-week low of 16.18p a share on Thursday. In Toronto, the stock also hit a one-year low of C$0.28 a share, down from C$0.38 a share last Friday.

The company said it remained on track to deliver a third resource estimate of the Alpala deposit before the end of this year, and prefeasibility study in the first quarter of next year.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.043 0.689s - 111pq - 2rq
Subscribe Now