Fronteer Gold shareholders approve C$2.3 bn acquisition by Newmont

The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.

Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.

Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.

The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.