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"If I was a big miner, I would think twice to come and invest in Colombia.," says José Portal.

Shell, the operator of the exploration plan, and Chevron both hold a 45% interest in the block. With the deal, Ecopetrol now holds the remaining 10% stake.

Restrepo, who joined the company in August 2015, will leave the Toronto-based company effective November 30.

Zonte Metals will use the funds for "working capital purposes" and to finance exploration at the Cross Hills Iron Oxide Copper Gold Property in Newfoundland and Labrador.

The results are "helping to verify the upper boundary of the mineral reserve envelope for the Veta Sur system,” said Ari Sussman, CEO of Continental Gold.

Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.

"We were able to capture the profit coming from the higher international oil prices," said Ecopetrol CEO Felipe Bayón.

The company’s "credit risk lies in 2020 and 2021, with an expected lower production profile and possibility for lower grades,” stated Fitch.

Multiple municipalities have cast ballots overwhelmingly in favor of vetoing the right of corporations to mine nearby recently in a referendum practice known as a "consulta popular."

The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018.