UPDATE 1-Court says Colombia votes cannot block mining, oil projects [Reuters]
AngloGold Ashanti PLC Ordinary Shares (AU)
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Source: Reuters
UPDATE 1-Court says Colombia votes cannot block mining, oil projects | Reuters 3 Min Read (Adds confirmation of ruling, comment from miners) BOGOTA, Oct 11 (Reuters) - Colombia’s constitutional court on Thursday ruled that local referendums that ban mining and oil extraction cannot halt energy projects, after a raft of votes spooked multinational companies. A wave of environmentally focused anti-mining referendums over the past 18 months have worried investors, and forced some to alter investment plans, like AngloGold Ashanti which suspended a potential $2 billion project last year. The ruling on the suit brought by Mansarovar Energy Colombia, a joint venture between India’s ONGC-Videsh and China’s Sinopec, was backed 5 to 1 by magistrates, the court said. The Colombian Mining Association (ACM) said in a statement after the court decision it was now optimistic projects would get back on track. “This decision not only gives life to several mining projects that would have been truncated
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