JOHANNESBURG (miningweekly.com) - ASX-listed Kingsrose Mining on Monday reported that trading in its securities on the stock exchange would resume.
The resumption of trading follows the restructure of Kingsrose’s finances, including a period of administration which saw creditors paid 100c in the dollar.
The company is now 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 gold project, in Indonesia, open cut with ore mined through 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 is also pleased to advise that the study into establishing an additional open pit at the suspended Talang Santo mine, which will allow it to access high-grade material in the upper levels of the mine, is almost complete. The company is now seeking regulatory approvals and expects mining will start at Talang Santo in the second half of 2018.
The mine was placed on care and maintenance last year, after the company entered into voluntary administration.
Meanwhile, Kingsrose initiated a regional and near-mine exploration programme aimed at identifying and developing a pipeline of near-term production targets. Based on an initial review of the programme, the company believes there is significant potential to identify additional production sources on the broader project area.
Kingsrose MD 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,” he said.