AAU - Almaden Minerals denied environmental permit for Mexico project

Shares of Almaden Minerals ([[AAU]] -32.9%) are slashed by a third after failing to win approval from Mexico's federal permitting authority for its initial environmental permit application for the Ixtaca precious metals project.Almaden says the regulator cited insufficient information on the impacts of open pit mining on the environment, and says prevention, mitigation and compensation measures proposed in the permit application appear to have been discounted.The company says it is evaluating alternatives, including potential submission of a revised application.According to a 2018 feasibility study, Ixtaca would be a conventional open pit mine with average annual production of 108.5K oz. of gold and 7M oz. of silver over the first six years.

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Almaden Minerals denied environmental permit for Mexico project