“Bluestone is evaluating the legal aspects of the notification,” the company said in a statement Monday.
Vancouver-based Bluestone, 27%-owned by the Lundin family trust, plans a C$572 million gold project near El Salvador’s border. The project aims to yield 2.7 million oz. gold over 14 years, based on a 2022 feasibility study.
New president
But only two weeks after Guatemala President Bernardo Arévalo took office on Jan. 15, its Ministry of Energy and Mines announced a review of all decisions made in the recent past related to mining exploration, exploitation and export licences. Arévalo has alleged bribes, corruption and other illegal activities have dogged the local mining sector.
MARN told Bluestone it would review its Cerro Blanco gold mining operation, sending the shares cratering in January.
Haywood Capital Markets, however, says the company has a solid legal footing, given that it had first asked MARN how to apply…
