Tweet
TAMAYA SUSPENDS SHARE TRADING
Melbourne Herald Sun
September 30, 2008 11:51am
Australia
COPPER miner Tamaya Resources has suspended the trading of its shares,
a month after delivering a $141.2 million half-year loss.
Tamaya said today its securities would be "suspended from quotation
immediately at the request of the company following the commencement
of discussions with the company's secured creditors".
The company said in August that it would require "adequate working
capital" to carry out its ongoing exploration and production, which
Tamaya expected to be provided from its copper operation in Chile.
Tamaya warned, however, that the company's cash position may become
"constrained" and potential asset sales, "financing and corporate
opportunities" would be considered to address the situation.
Tamaya delivered a $141.2 million loss during the first half of
fiscal 2008, to June 30, after writing down the value of Armenian
and Portuguese gold projects, which are on care and maintenance,
by $147 million.
The company picked up the two projects after it acquired an 86.2 per
cent stake in Iberian Resources Ltd through an unsuccessful takeover.
Tamaya put the Lichkvaz gold project in Armenia on care and maintenance
after deeming it had "not proven to be what was expected" and was
not ready for development in the "foreseeable future".
Shares in Tamaya last traded at 1.4 cents.
Melbourne Herald Sun
September 30, 2008 11:51am
Australia
COPPER miner Tamaya Resources has suspended the trading of its shares,
a month after delivering a $141.2 million half-year loss.
Tamaya said today its securities would be "suspended from quotation
immediately at the request of the company following the commencement
of discussions with the company's secured creditors".
The company said in August that it would require "adequate working
capital" to carry out its ongoing exploration and production, which
Tamaya expected to be provided from its copper operation in Chile.
Tamaya warned, however, that the company's cash position may become
"constrained" and potential asset sales, "financing and corporate
opportunities" would be considered to address the situation.
Tamaya delivered a $141.2 million loss during the first half of
fiscal 2008, to June 30, after writing down the value of Armenian
and Portuguese gold projects, which are on care and maintenance,
by $147 million.
The company picked up the two projects after it acquired an 86.2 per
cent stake in Iberian Resources Ltd through an unsuccessful takeover.
Tamaya put the Lichkvaz gold project in Armenia on care and maintenance
after deeming it had "not proven to be what was expected" and was
not ready for development in the "foreseeable future".
Shares in Tamaya last traded at 1.4 cents.