Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
WCB Resources (CVE:WCB) enjoyed 10 times its usual volume of trading by midday Monday, after announcing it has gained access to the “world class” gold and silver mining area in Papua New Guinea through a farm-in agreement.
WCB’s stock jumped 42.86% price as of 3:45 EST Monday, leaving the share price at $0.70 on the Toronto Venture Exchange.
The project on Misima Island, is owned by Pan Pacific Copper and constitutes a 180 km2 plot with historic production of 4.0 million ounces of gold and 20 million ounces of silver.
The explorer is also advancing the Red Hill project, a gold and copper mine in Australia.
