Fortuna Mining said on Monday that the government of Burkina Faso does not plan to withdraw the Canadian company's existing mining permits in the country.
Junta leader Ibrahim Traoré said on Saturday that Burkina Faso planned to withdraw mining permits from some foreign companies and would seek to produce more of its own gold, without specifying which permits would be cancelled.
Shares of gold miners with projects in the West African country slumped sharply in Monday trade at the Toronto Stock Exchange, dragging down the entire index.
Shares of Fortuna Mining were down 9% at 3:25 pm ET (19.25 GMT). Orezone Gold Corp which owns the Bombero gold mine, was also down 9% at the TSX.
Gold miner Endeavour Mining said Traor discussed several topics on Saturday to commemorate two years of his presidency and made a reference that certain mining permits may potentially be revoked.
However, Endeavour said the government remains supportive of the company and it is not aware of any plans to revoke any of its mining permits.
Shares of Endeavour were down 3% at the TSX.
Latest Stories
-
CSIR Executive Director urges farmers to adopt technology for improved farming
6 mins -
Football Impact Africa’s Ghetto Love Initiative inspires change in Teshie
17 mins -
Peter Toobu calls for tighter border security over uncovered weapons at Tema Port
20 mins -
Gov’t has failed its commitment to IPPs – Ablakwa
24 mins -
Sell Chrome to end search monopoly, Google told
35 mins -
KATH to install seven new dialysis machines by end of November
39 mins -
Walewale: Police confiscate 37 bags of cocoa beans suspected of being smuggled out of Ghana
50 mins -
‘Expired’ Rice Scandal: FDA confirms rice was safe for consumption after rigorous lab tests
55 mins -
Many women have experienced intimate partner violence – Angela Dwamena Aboagye
1 hour -
Power challenges persist due to government’s mismanagement of revenues – Okudzeto Ablakwa
2 hours -
Jordan Ayew injury not as bad as feared – Leicester City boss
2 hours -
Stonebwoy heads to North America for UP & RUNNIN6 tour
2 hours -
FDA explains extension of best-before date for ‘expired’ rice
2 hours -
Rebecca Akufo-Addo, Mahama storm Akuapem North as NPP NDC slugs it out
2 hours -
Fatawu’s injury a big blow for us – Leicester City manager
2 hours