TORONTO - Shares in miner First Uranium (TSX:FIU) tumbled 15 per cent Tuesday after the company was ordered by the South African government to stop disposing waste at its tailings storage sites.
The Toronto-based company, which operates gold and uranium mines in South Africa, says its Mine Waste Solutions unit was ordered by regulators to stop disposing the waste due to "alleged issues regarding pipeline maintenance and non-reporting.''Stock in the company closed down nine cents to 50 cents Tuesday on the Toronto Stock Exchange, after a trading halt Monday.
First Uranium says the regulator could lift the restrictions once the company can show it is in compliance.Until then, it has suspended operations — though First Uranium says it believes its is in compliance with regulations and will seek a legal injunction to resume operations.
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