PRECIOUS METALS

Armed Burkina Faso incident spurs SEMAFO selloff

An armed incident on the road between the Burkina Faso town of Fada and the Boungou mine, in the Est region, has left five armed police officers and one mining contractor dead, Montreal-based miner SEMAFO (TSX:SMF) reported Monday.

 An armed incident on the road between the Burkina Faso town of Fada and the Boungou mine, in the Est region, has left five armed police officers and one mining contractor dead

An armed incident on the road between the Burkina Faso town of Fada and the Boungou mine, in the Est region, has left five armed police officers and one mining contractor dead

Operations at the Boungou mine were not affected, the miner said, but as a precautionary measure, it would be increasing its security measures and continue to closely monitor the situation with its partners to protect employees and operations. The company expects to declare commercial production at the operation imminently.

The corporation expressed its "deepest sympathy to families of the victims".

The incident spurred investors to sell the Toronto-quoted stock en masse on Monday, seeing higher than average volumes move the stock 6.82% lower to close at C$3.14 a share, and closer towards its 12-month low of C$3.05 apiece. The C1.02 billion company's stock had been under pressure of late, as higher costs and lower production weighed on the second-quarter bottom line.

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