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Bear Creek Mining Corp Threatens Legal Action in Peru Over Protests, Could Raise Risk For Other Canadian Firms: report

Canada's Bear Creek Mining Corp. (BCM.V) is threatening a legal challenge against Peru after its mining rights were revoked in a move that raises the risk for other resource companies doing business in the mineral-blessed South American country, the Globe and Mail reported.

Bear Creek's stock has already been hit hard as a result of the protest in recent weeks, having fallen more than 50% since April, the Globe said. It last traded at $5.16.

"We have done nothing wrong," Bear Creek chief executive officer Andrew Swarthout reportedly said in a telephone interview on Sunday from Peru.

Other Canadian companies with operations in Peru include mining giant Barrick Gold Corp. (ABX.TO), which has two mines in the country. Canadian miners such as HudBay Minerals Inc. (HBM.TO), First Quantum Minerals Ltd. (FM.TO), Sulliden Gold Corporation Ltd. (SUE.TO) and Trevali Mining Corp. (TV.TO) all have projects under way there. While none of them have reported problems with their projects in recent weeks, investors are expected to express caution, the Globe and Mail said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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