The share price of Australian mining company Indochine Mining has tumbled since landowners from its flagship Mt Kare project declared their opposition to the company on this blog two weeks ago: Mt Kare landowners call on government to cancel exploration licence.
Landowners say studies done by Indochine do not accurately provide for the cultural and traditional land owners of Mt Kare and they have asked the government to not to renew the company’s exploration licences
The Indochine share price has dropped over 20% from 3.4 cents in the days before the story was published to just 2.7 cents today. Even more dramatic, shares in the company have lost almost 30% of their value from their August high of 3.8 cents one week before the story broke.
Current Indochine share values are a far cry from the heady highs of March. Since then the shares have crashed, loosing more than 65% of their 7.7 cent value.
Indochine Mining says it is engaged in the exploration and development of gold, silver, and copper mineral properties in Papua New Guinea and Cambodia. Its flagship property is the Mt Kare gold/silver project. The Australian Stock Exchange website says the company is based in Sydney, Australia and its two key executives between them earn over $700,000 a year.