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Colombia's Constitutional Court rules in favour of local Marmato miners and against Gran Colombia Gold (GCM.to)
This just out.
Hot on the heels of the news that Serafino Iacono's abject failure of a mining company, Gran Colombia Gold (GCM.to) is laughably trying to sue the nation of Colombia to the tune of U$700m regarding its contentious Marmato project under Canada/Colombia Free Trade Agreement rules, we hear today that the country's Constitutional Court has ruled in favour of the local traditional miners there and against GCM.to.
The ruling means that the local miners were right all along, they have been legally mining the zone and are free to continue to do so. This is the exact opposite of the usurping position taken by the idiots at GCM who poured the cash of Frank Holmes and Frank Giustra down a very large and expensive toilet. It also means that the chances of the GCM lawsuit against Colombia prospering (a move designed largely to hoodwink shareholders) has moved from "very unlikely" to "snowball in Hell".
What a pity. Not.