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.
Sabina Gold & Silver (TSX: SBB) will defer its spring drilling program at the Goose site on its wholly owned Back River project in Nunavut, Canada, as a precautionary measure due to the coronavirus outbreak around the world, the company said on Tuesday.
The Goose site at Back River is currently accessible by air only. The company said that if an employee or contractor onsite exhibits symptoms, it would be difficult in a camp environment to properly isolate individuals or provide the best healthcare possible given the current situation.
Sabina also elected to implement a work-from-home policy for its corporate office employees in Vancouver. The precious metals miner added that no positive Covid-19 cases have been reported among its staff.
The Back River property, acquired from Dundee Precious Metals in 2009, is a series of gold deposits in banded iron formation located approximately 520 km northeast of Yellowknife, NWT. The project has an estimated resource of 7.2 million ounces in all categories.
Shares of Sabina Gold & Silver traded 20% higher on the TSX midday Tuesday. The company’s market capitalization is C$308.5 million.
