Shandong Gold ups offer for Cardinal

Shares in the Canadian miner behind the stalled Pebble copper-gold project in Alaska nosedived after a report branded the venture as “worthless.”

Down 4.7% on Tuesday to five-month low as ultra-cheap Mongolian coal gets trucked into market.

EY’s Canadian Mining Eye index declined 13% in the last quarter last year as weak gold and nickel prices offset copper and zinc gains.

Shares in most gold miners fell Monday as the precious metal price dropped more than 1% in early trading and was steadily heading to its largest single-session loss of the month.

The proposed friendly acquisition will give McEwen access to advanced exploration stage properties located in the heart of Timmins Gold Camp, northern Ontario.

Prices for the radioactive metal have fallen more than 50% since the Fukushima disaster in 2011

The miner says the decision is clearly “abusive” and it evidences “an excess of jurisdiction,” reason why it will appeal the resolution.

Cost per barrel, however, will remain at about $84,000 per flowing barrel of bitumen.

Opponents claim the miner intends to use cyanide, depositing toxic waste in a dam located just 1.5 km from the Xingu River, a tributary of the Amazon.