Vancouver-based gold miner Monument Mining Ltd. (TSX-V:MMY) has broken up a syndicate suspected of stealing gold from the company’s Selinsing gold mine in Malaysia, the company announced this morning.
In a news release, Monument stated that it has called in the Malaysian police for an immediate investigation and engaged Gold Security Group from Perth, Australia, to work with the police, as well as to review and strengthen security measures at the gold mine.
Monument added that the Malaysian police have made several arrests to date and suspects are being held in custody.
“At this time the theft appears to be an organized crime involving mine employees,” the company stated.
While the company has not disclosed how much gold was stolen, Monument’s press release states that, “In the opinion of the company, this incident will not impact the production performance for the year ended June 30, 2012.”
As of press deadline, company stock was up 2% to $0.47.
The company could not be reached for comment by press deadline.
