Canadian Miner Plummets After New Mine Permit Denied

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