A Vancouver junior coal mining company that wants to build an underground coal mine in the Comox Valley on Vancouver Island has withdrawn at the last minute from an environmental screening, just as the Environmental Assessment Office was set to make a ruling.
Global exploration spending dropped 26% in last year, compared with 2013, as several juniors threw in the towel and producing miners slammed the brakes on capital and exploration expenditure.
Chinese Novel Sunrise Investments has agreed to buy 48.7 million shares in SouthGobi —which was once worth over US$2.4 billion —for 35 cents per share in cash.