A Vancouver miner is at odds with the Colombian government over a $1 billion gold-silver project the country deterred earlier this week.
Greystar Resources Ltd. (TSX:GSL) has filed an appeal with the Colombian government to reinstate the Environmental Impact Assessment (EIA) it was granted last December for its Angostura project.
On Monday, Colombia asked the company to file a new EIA that would effectively force Greystar to move its project.
The current design of Angostura sees almost all project facilities, including half of the open pit, located above 3,200 metres elevation.
The government wants the new EIA to show a project that would be built below 3,200 metres and avoid any disturbance to the high-elevation Paramo ecosystem.
Greystar has already spent $135 million designing Angostura, and has no idea if a project placed below the 3,200-metre line would be feasible.
The company's stock plummeted 44% to $3.60 on Monday's news, but the news this morning about the appeal caused share values to jump 11% to $3.88.
"Transparent and predictable laws are necessary to encourage foreign investment in Colombia," said Greystar president and CEO Steve Kesler.
Greystar's share price range during the past week: between $6.50 and $3.88; 52-week high: $7.17; 52-week low: $2.77.