Extorre Says YPF Nationalization Won't Affect Gold Projects
19 Aprile 2012 - 5:41PM
Dow Jones News
Extorre Gold Mines Ltd. (XG, XG.T) said Thursday there are no
signs that the nationalization of Argentina's largest oil and gas
company, YPF SA (YPF, YPFD.BA), foretells similar moves against
mining companies in the South American nation.
"The mining sector has received explicit public support from the
provinces and the federal government," Canada-based Extorre said in
a statement.
The company is developing the Cerro Moro, Puntudo and Don Sixto
gold projects in Argentina. "Very recent discussions with potential
financiers to provide capital for the potential development of
Cerro Moro have indicated that the YPF action has not materially
affected the finance ability of the project," Extorre said.
Argentine President Cristina Kirchner said Monday that she will
ask Congress to approve the expropriation of a 51% stake in YPF
from its controlling shareholder, Spain's Repsol YPF SA (REPYY,
REP.MC). The bill is expected to be quickly passed by the
Kirchner-controlled Congress.
The move has sent Argentine stock and bond prices into a
tailspin as investors flee local assets.
Extorre's shares were recently 2.4% lower at $4.51 Thursday. The
stock has fallen almost 17% so far this week.
-By Shane Romig, Dow Jones Newswires; 54-11-4103-6738;
shane.romig@dowjones.com
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