Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Terrain in the vicinity of the Buriticá project, approximately 75 kilometres northwest of Medellín via paved road. (Image courtesy of Continental Gold)
Colombia’s national and regional police has launched a coordinated operation to evict illegal miners from unsafe areas near Canada’s Continental Gold’s (TSX: CNL) (OTCQX: CGOOF) Veta Sur operations in the town of Buriticá, about 75 km from Medellín, the country’s second largest city.
According to the Toronto-based company, the evacuation was ordered over the weekend by the National Mining Agency, Minminas, as a preventative measure in light of the danger from potential landslides and the collapsing of tunnels in areas of illegal mining activity.
Continental’s operation remain unaffected by the move, said the firm, which added that the government actions were a positive sign of the direction of the joint work between authorities and the legitimate owners of titles.
Chairman Leon Teicher said the firm has worked in very close coordination with the authorities in order to protect its people and assets.
Continental Gold, formed in 2007, focus on exploring and developing high-grade gold deposits in Latin America.
Currently, the firm is focused on advancing its Buriticá gold-silver-zinc project to production, expected to produce an average of 314,000 ounces of gold a year for the first five years, and average 265,000 ounces over the life of mine (LOM), estimated to be 18 years.
