Candente Copper Corp., a Canadian company exploring for the metal in Peru, fell to its lowest in more than two years after a rural community in Peru voted against mining.
Candente declined 8.1 percent to 40 Canadian cents at the close in Toronto, the lowest price since Sept. 20, 2010. The Vancouver-based company has fallen 59 percent this year.
A Sept. 30 vote by some members of the Comunidad Campesina San Juan De Kanaris to stop mining isn’t “legally binding,” according to Candente’s Peruvian counsel, the company said in a statement today. The community previously voted on July 8 to grant the company surface access for three years of exploratory drilling.
Candente’s Canariaco Norte project in northern Peru is estimated to hold 7.53 billion pounds of copper, according to its website. “The company plans to mobilize for drilling as soon as the remaining formal documentation is received from the Ministry,” it said today.