Coro Mining Sinks Nearly 60% After Provincial Legislation Nixes Environment Permit
Coro Mining Corp. (COP.TO) is down nearly 60% at 23 cents a share, falling 34 cents after saying provincial officials in Argentina voted down the company's Environmental Impact Declaration for its Minera San Jorge project.
Coro said it will now consider its alternatives to seek legal redress and compensation through the Argentinean and international courts. In particular, the 7722 law is currently subject to legal challenges of its constitutionality by Coro and several other parties. We anticipate that this lawsuit may be resolved by mid 2012 and in the event that the courts find that the law is indeed unconstitutional, the denial of legislative ratification of the Company's valid and approved EID, may be deemed to be null and void.
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