LONDON, Ont. — The Canadian Press
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Shareholders have filed a lawsuit against Agnico-Eagle Mines Ltd. that claims the company failed to disclose the risks at its Goldex mine, which was shuttered after flooding last year sending its stock price plunging.
Siskinds LLP said Monday it has filed the proposed suit in the Ontario Superior Court of Justice against the miner and some of its senior officers.
It alleges that the company failed to disclose specific risks regarding ongoing flooding at the mine.
Agnico-Eagle was forced to shut down the mine in Val D'Or, Que., last year due to unstable rock formations and flooding.
The company took a huge writedown on the mine's closure and its share price tumbled to their lowest level since 2007 when the suspension was announced.
The Goldex shutdown, due to the danger of repairing fractured rock formations and related flooding at the underground mine, required a $161.5-million after-tax writeoff and a $32.7-million (U.S.) closure provision.
Agnico-Eagle decided to shut down the mine after suggestions from two separate consulting rock mechanics that the company stop mining until the situation at the space could be further investigated.
It explained that weaker, fractured, volcanic rock in parts of the deposit failed, allowing ground water to flow into the mine.
The proposed class includes all shareholders who acquired a stake between March 26, 2010 and Oct., 19, 2011.
Goldex, one of the lowest-cost underground operations in the industry, began commercial operations in August, 2008.
The Goldex mine is in the Abitibi region of Quebec and part of a group of mines that Agnico-Eagle owns, including the LaRonde and Lapa mines.
Agnico-Eagle has mining operations, exploration and development projects in Canada, Finland, Mexico and the United States.
http://www.theglobeandmail.com/globe-investor/class-action-suit-filed-against-agnico-eagle-over-flood-at-goldex-mine/article553072/
The latest spill, totaling 1,176 gallons, was found at a PDC Energy Inc. site about a half mile east of Greeley. It’s the 15th found by inspectors since they started checking drilling operations two weeks ago.
The cumulative amount of spills detected so far is about the amount held by 3 1/2 storage tanks.
About 20 percent of the flooded wells in the Wattenberg Field have not yet been inspected, so more spills could still be found.
Officials at the Colorado Oil and Gas Conservation Commission originally expected the work to take up to 90 days, given the difficulty accessing sites because of damaged roads and flooding, spokesman Todd Hartman said.
Last updated
Shareholders have filed a lawsuit against Agnico-Eagle Mines Ltd. that claims the company failed to disclose the risks at its Goldex mine, which was shuttered after flooding last year sending its stock price plunging.
Siskinds LLP said Monday it has filed the proposed suit in the Ontario Superior Court of Justice against the miner and some of its senior officers.
More related to this story
Agnico-Eagle was forced to shut down the mine in Val D'Or, Que., last year due to unstable rock formations and flooding.
The company took a huge writedown on the mine's closure and its share price tumbled to their lowest level since 2007 when the suspension was announced.
The Goldex shutdown, due to the danger of repairing fractured rock formations and related flooding at the underground mine, required a $161.5-million after-tax writeoff and a $32.7-million (U.S.) closure provision.
Agnico-Eagle decided to shut down the mine after suggestions from two separate consulting rock mechanics that the company stop mining until the situation at the space could be further investigated.
It explained that weaker, fractured, volcanic rock in parts of the deposit failed, allowing ground water to flow into the mine.
The proposed class includes all shareholders who acquired a stake between March 26, 2010 and Oct., 19, 2011.
Goldex, one of the lowest-cost underground operations in the industry, began commercial operations in August, 2008.
The Goldex mine is in the Abitibi region of Quebec and part of a group of mines that Agnico-Eagle owns, including the LaRonde and Lapa mines.
Agnico-Eagle has mining operations, exploration and development projects in Canada, Finland, Mexico and the United States.
http://www.theglobeandmail.com/globe-investor/class-action-suit-filed-against-agnico-eagle-over-flood-at-goldex-mine/article553072/
15th Oil Spill Due To Flooding Found Near Greeley
October 2, 2013 4:12 PM
DENVER (AP) – Another oil spill due to flooding has been found in northern Colorado, bringing the total amount of oil released in and near the South Platte River to about 43,000 gallons, state regulators said Wednesday.The latest spill, totaling 1,176 gallons, was found at a PDC Energy Inc. site about a half mile east of Greeley. It’s the 15th found by inspectors since they started checking drilling operations two weeks ago.
The cumulative amount of spills detected so far is about the amount held by 3 1/2 storage tanks.
About 20 percent of the flooded wells in the Wattenberg Field have not yet been inspected, so more spills could still be found.
Officials at the Colorado Oil and Gas Conservation Commission originally expected the work to take up to 90 days, given the difficulty accessing sites because of damaged roads and flooding, spokesman Todd Hartman said.
