You would have thought that a company such as Goldgroup Mining (GGA.to), that has a lot riding on the local acceptance (or otherwise) of its Caballo Blanco project in Veracruz, would consider it material information that its main public consultancy meeting happened this week in the local area, but weirdly, bizarrely, inexplicably we haven’t heard a peep out of the company. Why Keith Piggott and friends should be so reticent in informing its shareholders on how the proceedings is a mystery, especially as the gig made headline news locally. However, IKN comes to the rescue (hoorah!!) of monolinguals who may be long GGA.to right now with the translation of paragraph one of this report on how the hearing went. The report is a long one and well worth reading in full because the reporter does a good job in covering all the issues as debated in the hearing and also makes sure both sides of the debate get their say in print. Anyway, here’s para 1 translated:
Tension Rising in Veracruz for Caballo Blanco
Denials as well as justifications of economic well-being were polarized between governmental and private sector opinions regarding the Caballo Blanco mine. Ecology groups talked of a serious environmental deterioration in the zone due to the extraction techniques and protested against the polemic project. The key moment in the meeting held in Actopan on Wednesday was when the Consultative Council for Sustainable Development, Vercruz Area (Consejo Consultivo para el Desarrollo Sustentable Núcleo Veracruz, CCDN núcleo Veracruz), a citizen’s body integrated to the Semarnat (the national government office The Secretary of the Environment and Natural Resources) demanded that the Federal authorities decide on a resolution of “Not Authorized” to the Environmental Impact Study (EIS, known as ‘Manifestation on Environmental Impact’ (MIA) in Mexico) that had been presented by the company, Cndyming SA de CV.
The CCDS núcleo Veracruz stated that the NIA presented by Goldgroup Mining and its subsidiaries is inconsistent and with erroneous data regarding the importance of vegetation in the Cerro de La Paita.
IKN back and make sure you read the whole report here for more. What, you don’t understand Mexican? And you’re long GGA.to? And Piggott&Co won’t tell you any more about what went on and you want me to translate more? Oh dear…..
Hey, ever get the feeling that investing in what’s essentially a permitting play and not knowing what the hell is going on in the permitting process might just be a slight disadvantage?
disclosure: No position in GGA.to, not long, not short and no plans to change that situation. What, you think I’m nutso?