PERTH (miningweekly.com) – The shares of embattled gold miner Gascoyne Resources will remain suspended until the end of February as it works towards finalising its financial restructuring programme.
The ASX-listed company in early November launched a review of its operating strategy, suspending operations at its Dalgaranga gold project, in Western Australia. Since then, operations at the mine have been wound down and the mill is transitioning to a care-and-maintenance state, under which it would be able to restart operations at relatively short notice.
The transition to care and maintenance will be completed during January.
In the meantime, Gascoyne has been working on a financial restructure programme, which was initially earmarked for completion on December 6. However, Gascoyne told shareholders on Tuesday that negotiations regarding this restructuring programme have not yet been finalised.
As a result, the company will remain in voluntary suspension until the end of February, when an announcement is expected.