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
-
EC contracts collation officials for election 2024
3 mins -
I’m praying against the NPP to lose the 2024 election – Nigel Gaisie
9 mins -
America has shown us the way, let’s bring back Mahama – NDC to Ghanaians
11 mins -
Chiefs in Nkwanta South petition Mahama over recurring conflict
21 mins -
2024 Polls: Police meet NPP and NDC leaders to promote peace
40 mins -
Inflation for October 2024 increases marginally to 22.1 percent
40 mins -
GPL: “Too early for title talk,” Frimpong Manso insists
42 mins -
SESSA Games part of preparations for African Military Games – Colonel Richard Akoto
50 mins -
Family confirms death of Dr Agyekum Addo, announces dates for public to pay their respects
52 mins -
US Election: Donald Trump says Americans have regained their country
52 mins -
NLC urges organisations to use mediation to resolve labour disoute
1 hour -
Ghana and Cote d’Ivoire validate maritime and land boundaries framework agreement
1 hour -
I don’t always get my prophecies right – Nigel Gaisie
1 hour -
CNN Projection: Trump will defeat Harris in a historic political comeback
2 hours -
Ghana launches landmark Space Science Policy
2 hours