25 May 2012

Brazilian relief cheers Serabi

23/09/2010 Robert Tyerman

The Brazilian authorities have lifted June's suspension on Serabi Mining's Palito gold project and are reviewing the £2 million (£1.3 million) fine proposed.

IBAMA, the country's federal environmental agency, ordered the suspension and assessed the fine on the grounds that Serabi's local subsidiary had failed to comply with two conditions of its operating licence at Palito, relating to flora and fauna, but the agency now acknowledges AIM-quoted Serabi has fulfilled them.

Chief executive officer Michael Hodgson says 'we understand IBAMA is of the view that the original proposed fine was unnecessarily severe'. He adds the company can now move forward with its plans at Palito, where it hopes to increase the estimated gold resource from 630,000 oz to 1.5 million oz.

In June, Canadian gold producer Eldorado put £3.6 million at 3p into Serabi for nearly 27 per cent of the London-headquartered company, which originally floated at 30p in 2005 and lost a sharply reduced £1.6 million in the first half of this year. That month, however, Serabi also announced talks about a potential merger with an unnamed company, revealed in March, had been called off.

IBAMA's relenting has prompted a 1p, 51.5 per cent, jump to 2.95p in Serabi's depressed share price. It remains a speculation for strong-nerved punters, but its chances have clearly improved.

Tags: AIM, Commodities, Emerging markets

Sector: Mining

Companies: Serabi Gold

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