Aerial view of the Segilola gold mine. Credit: Thor Explorations Ltd.
Thor Explorations (TSXV: THX) (AIM: THX) rallied on Wednesday after an inter-ministerial committee in Nigeria dismissed allegations of business malpractice against the Canadian miner.
According to a report released by the fact-finding committee, the allegations of wrongdoing against Segilola Resources Operating Ltd. (SROL), Thor’s Nigerian unit, were “unfounded, and SROL has “complied with its legal and regulatory obligations” pertaining to the Segilola gold mine.
Shares of Thor Explorations hit a multi-year high of C$0.48 apiece on the dispute win, before settling to around C$0.46 by midday in Toronto. When news of allegations first broke, the stock was trading at C$0.30 apiece. The company’s market capitalization is currently estimated at approximately C$314 million ($220 million).
The government of Osun state, where the…
