Loading ...Ecuador woes weigh on SolGold’s shares, projects future
Worries around the fate of SolGold’s (LON, TSX:SOLG) projects in Ecuador escalated this week after President Lenin Moreno, whose austerity measures set off violent protests, fled capital Quito and sought refuge in the southern port city of Guayaquil, triggering rumours of a coup d’État.
The Australian miner has seen its value halved since May, when a proposed referendum on mining casted doubts on the future of its projects and assets. From the 37.60 pence its shares were trading on May 1st in London, they have fallen 17.20 pence as of Thursday morning, leaving it with a market cap of only 317.57 million pounds (about $393 million).