SolGold seeks to assure market amid Ecuador turbulence
Exploration and development firm SolGold assured shareholders on Thursday that its operations in Ecuador were not affected by the protests in that country and said that it had taken precautions to keep its employees safe.
The protests were sparked by President Lenin Moreno’s announcement last week of an end to subsidies that had been holding down fuel prices. A state of emergency was declared last week, but it has failed to end protests by groups demanding an end to austerity and the return of fuel subsidies.
SolGold said that government had initiated discussions with some groups and that it was its understanding that progress had been made.
“It is expected that the protests may continue in the short term, however SolGold has every confidence that the government, with the support of Ecuadorean institutions, will be able to adequately address the situation and restore order in the near term,” it said in a statement, addressing the company’s sharp fall in its share price over the last week.
SolGold had lost more than a fifth of its value on the London exchange this week, hitting a 52-week low of 16.18p a share on Thursday. In Toronto, the stock also hit a one-year low of C$0.28 a share, down from C$0.38 a share last Friday.
The company said it remained on track to deliver a third resource estimate of the Alpala deposit before the end of this year, and prefeasibility study in the first quarter of next year.
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