Metallica Resources Inc. was a Canadian-based mineral and
gold mining
Gold mining is the extraction of gold by mining.
Historically, mining gold from Alluvium, alluvial deposits used manual separation processes, such as gold panning. The expansion of gold mining to ores that are not on the surface has led to mor ...
company.
Metallica Resources was a publicly held Canadian mineral exploration and development company with a geographic focus in the Americas. The company had an ownership interest in a gold project at
Cerro de San Pedro
Cerro de San Pedro is a village and seat of the municipality of Cerro de San Pedro, located in the Mexican state of San Luis Potosà in central Mexico. It is located in hills, northeast of the city of San Luis PotosÃ.
, the population was 95. T ...
Mexico. This project generated legal challenges and concerted opposition by local citizens and organizations across Mexico and North America. The concerns were that the open-pit cyanide leach-pit process used by the project would produce irreparable harm to the environment and historical patrimony of this region in Mexico. Over the years, Mexican courts suspended or revoked various permits for Metallica's Cerro de San Pedro project. There were fourteen cases before the Mexican courts awaiting resolution. The Cerro de San Pedro case was also reviewed by the Commission for Environmental Cooperation (CEC).
In addition, the company had a significant copper-gold project in Chile. Metallica's corporate goal was to build shareholder value through growth of its existing assets and pursuit of quality investment opportunities.
The company was acquired by
New Gold Inc., and delisted from the
Toronto Stock Exchange
The Toronto Stock Exchange (TSX; ) is a stock exchange located in Toronto, Ontario, Canada. It is the List of stock exchanges, 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in th ...
effective July 4, 2008.
See also
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Gold as an investment
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and ...
References
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External links
Official site
Companies formerly listed on the Toronto Stock Exchange
Gold mining companies of Canada