Gran Colombia In The Doldrums With New Year Low of 34 Cents; Announces Debt Financing Alternatives; Fingered By Peace Brigades Intl

Gran Colombia Gold (GCG.TO) shares, struggling to lift themselves out of the doldrums, have hit a new year low of 34 cents in morning trade. The company reported no fresh news today, but announced on Monday that it has retained GMP Securities to assist in the evaluation of several debt financing alternatives.

Gran Colombia Gold is considering various forms of project financing to fund mine and mill expansion plans at its Segovia Operations in the municipalities of Segovia and Remedios in Colombia, where it has identified opportunities to expand production in accordance with its stated goals of achieving more than 150,000 ounces of gold production annually commencing in 2013.

Gran Colombia is currently exploring all avenues and is in discussions with investment banks with regard to brokered project debt structures, strategic lender groups, and international banks with regard to gold loan structures.

Late last week, international human right organization Peace Brigades International ( PBI ) noted that 80% of the human rights violations that have occurred in Colombia in the last ten years were committed in mining and energy-producing regions, and 87% of Colombia's displaced population originate from these places.

PBI spokesperson Moira Birss said mining activities are frequently accompanied by a disregard of the constitutional rights of minorities and threats and attacks on leaders of these communities.

Birss noted that community leaders who oppose mining projects, or the organizations that accompany those leaders and communities, have at times been targeted with threats and even attacks in what would appear to be a result of their opposition. She was referring to an area where Gran Colombia Gold and the local community are at odds over who has the rights to mine for gold.

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

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

In This Story


Other Topics


Latest Markets Videos


Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More