New Guinea Gold Halts Mt. Sinivit Mining Operations; Shares Plummet As Commodities Weigh
Shares of New Guinea Gold Corporation (NGG.V) plummeted in the afternoon as commodity prices reportedly dropped with oil and gold taking the lead.
NGG shares fell almost 17% to 5 cents from the 6 cents December 23 close, trading just a cent above year lows, following the company's announcement that mining and processing at its Mt. Sinivit operation has temporarily been halted. Representatives of the Wild Dog Mining Area Landowner Association (WDMALA) and Lulai Nakama Association have occupied the mine-site and thus forced its temporary closure.
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