Posted AT 3:23 PM EDT on 26/11/07
Teck Cominco, NovaGold step back from Galore Creek plan
Investors buried NovaGold Resources Inc.'s share price Monday morning after it and partner Teck Cominco Ltd. shocked the market by suspending construction of a massive gold and copper mine in northern British Columbia, saying that much higher than expected capital costs would make the project uneconomic based on long-term metals price forecasts.
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