Permit Decision Suspends El Morro Construction
GOLDCORP INC. (NYSE: GG) today announced that the Supreme Court of Chile issued a decision on April 27, 2012 suspending the approval of the environmental permit for the El Morro copper-gold project. The approval was issued on March 14, 2011. The ruling states that the permit is suspended until such time as certain deficiencies specifically identified in a paragraph of the Antofogasta Court of Appeals decision are corrected by the Chilean environmental permitting authority (the Servicio de Evaluaci n Ambiental or SEA).
Sociedad Contractual Minera El Morro ("El Morro"), which is owned 70% by Goldcorp and 30% by New Gold Inc., immediately suspended all project field work being executed under the terms of the permit. Safety and security staff will continue to work to protect the public, project equipment and facilities under construction. Activities not related to site construction, such as detailed engineering, design work and architectural planning, will remain underway.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.