(Kitco News) - Burkina Faso miners fell after junta leader Ibrahim Traore said he is going to withdraw mining permits.
On Saturday Traroe made a radio address asking why multinationals were operating in the country, saying the country knew how to mine gold.
"In fact, we are going to withdraw mining permits," he said, according to a report by Reuters. Projects that might be affected were not specified.
Endeavour Mining is down 4% today to $30.18 as of 12:30 p.m. ET . The company said it was "not currently aware of any plans to revoke any of its mining permits."
"The Government remains supportive of Endeavour’s position in country as evidenced by the recent successful settlement agreement that Endeavour signed, involving the State of Burkina Faso, in respect of the divestment of the Boungou and Wahgnion mines, for which Endeavour has now received the first $30m payment," wrote the company in a news release.
Orezone, which has fallen 12% to 74 cents today, said its "Bomboré mining permit is valid, and that the government of Burkina Faso has no intention to withdraw or revoke the Bomboré mining permit."
Orezone Gold Corporation (TSX: ORE) is a West African gold producer. Its flagship Bomboré Gold Mine is located in Burkina Faso. Endeavour Mining has operating assets located in Senegal, Côte d’Ivoire and Burkina Faso.
