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Serabi Gold PLC - London-based Brazil-focused gold miner - Says that an appeal has been upheld requiring the company to prepare an additional study to assess the impact of its activities at the Coringa Gold project in Brazil. Serabi had previously contested that this study was not a legal requirement.
Chief Executive Mike Hodgson says: ‘Whilst on the face of it this news may seem of concern, I can confirm this does not change any of our immediate plans. We took the decision nearly one year ago to commence scoping the additional study, and the study remains ongoing with the company expecting the report to conclude that there is no detrimental impact from the Coringa project, which should allay any outstanding concerns regarding the environmental impact of the project.’
Current stock price: 37.00 pence, closing down 8.6% in London on Tuesday
12-month change: down 40%
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