You are here

Hot stock: CNMC Goldmine shares down 9.8% in early trading

Friday, July 22, 2016 - 11:08
38502747 - 25_05_2016 - ascnmc.jpg
An aerial view of one part of the CNMC goldmine in Kelantan.

SHARES of Catalist-listed CNMC Goldmine Holdings fell 9.8 per cent or 4.5 Singapore cents to S$0.415 as at 11.05am.

The stock was among the most actively traded on Singapore Exchange on Friday morning, with over 40 million shares changing hands.

The Malaysia-based gold mining firm has been notified by the Kelantan State Lands and Mines Office to temporarily stop its operations at the Sokor gold field.

The order came on July 19 and was made in connection with the state government's review of the firm's application to allow the mining of unlimited amounts of ore from Sokor.

Together with its joint-venture partner in the project - the Kelantan State Economic Development Corporation - CNMC is working closely with the authorities to ensure that it meets all the requirements for large-scale operation status.

CNMC's board is of the opinion that the stop-work order should be lifted in due course.