Kingsrose shares resume trade on ASX
Monday, December 18 2017 - 06:01 AM WIB
ASX-listed Kingsrose Mining announced on Monday that the Australian Securities Exchange has advised the company that trading in its securities will resume today.
?The resumption of trading follows the successful restructure of Kingsrose?s finances, including a period of Administration which saw creditors paid 100 cents in the dollar,? the company said in a statement.
The company said it is debt-free after recently repaying the remaining $4.4 million of unsecured debt, with the lender agreeing to $2.25 million in full and final satisfaction of the loan facility.
?In the next six months, mining will continue to focus on the Way Linggo open cut, with ore mined via a series of staged cutbacks which will be the primary source of feed for the processing facility for the rest of this financial year,? Kingsrose said, referring to its gold mining project in Indonesia?s South Sumatra Province.
Kingsrose also said that the study into establishing an additional open pit at the suspended Talang Santo Mine (also in South Sumatra), which will allow it to access high-grade material in the upper levels of the mine, is almost complete.
The company said it is now seeking regulatory approvals and expects mining will start at Talang Santo in the second half of 2018.
Kingsrose recently initiated a regional and near-mine exploration program aimed at identifying and developing a pipeline of near-term production targets. Based on an initial review of the program, the company believes there is significant potential to identify additional production sources on the broader project area.
Kingsrose Managing Director Paul Jago said the resumption of trading on the ASX marked the start of a new chapter for the company.
?It has been a difficult process but I am pleased to say that our recent achievements clearly demonstrate the significant potential at the Way Linggo Project,? Jago said.
?With the company now debt-free and production running at a steady rate, we have laid the platform from which the company can grow.?
?We are now well-placed to unlock the full value of the highly promising Way Linggo Project and I look forward to providing continual updates to shareholders as we focus on our primary objective, which is to deliver a sustainable, long life and low cost mining operation.?
Editing by Reiner Simanjuntak