Vancouver-based Pacific Booker Minerals Inc. (NYSEMKT: PBM) has been denied permission to develop a mine in British Columbia, and the stock price is plummeting on the news. The provincial government of B.C., for only the second time in its history, has cited potential damage to the salmon population of the Skeena River in denying the company an environmental assessment certificate.
Pacific Booker had proposed a new mining project at a B.C. lake that is home to a genetically unique species of salmon, expecting to mine 30,000 tons of copper and and gold ore every day for a period of 21 years. In addition to the digging, the project would have including a processing plant, sewage and wastewater management facilities, explosives and fuel storage facilities, and a tailings storage facility.
Although Canada’s federal government has not yet ruled on the project, the provincial government’s ruling effectively shuts down the project.
Shares of Pacific Booker are down more than 66% today at $5.15 after posting a new 52-week low of $3.80 earlier in the day. The stock’s prior 52-week range was $6.83 to $15.40.
Paul Ausick
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
