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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (22413)	4/11/2017 9:39:26 PM
From: Goose94	Read Replies (1) of 203577

Gran Colombia Gold (GCM-T) has filed a $700-million lawsuit against Colombia under the Colombian-Canadian free-trade agreement after the government ordered it to cease operations at the El Burro site in Marmato until it has further consulted with local residents (all figures U.S.). The Marmato project has been plagued by controversy ever since operations began ten years ago. The company has been unable to remove illegal miners from the area -- by some reports, illicit mining is a $2.5-billion (U.S.) industry in Colombia. Gran Colombia's plan to flatten a mountain and create an open-pit mine has also met with resistance. Critics say the initiative would not only destroy the livelihoods of the miners, but also the surrounding community and the environment. Marmato is one of the company's two key mining assets and is estimated to contain 14 million ounces of gold. In 2016 it accounted for 16 per cent of the company's total gold sales, more than $29-million (U.S.). Issues in Marmato could add to existing doubts in the company's future prospects.

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