VANCOUVER (miningweekly.com) – Beleaguered alluvial diamond miner Rockwell Diamonds announced on Tuesday that it has applied to the JSE to voluntarily halt trading in its equity after the TSX suspended trading in its stock, pending a delisting review.
The TSX has advised Rockwell that it will only consider the delisting review following the outcome of the final hearing for a liquidation application, which has been set down for April 12.
“The company is of the view that it is prudent to suspend trading of its shares on the JSE, until such time as the TSX has provided feedback on its delisting review,” Rockwell said in a news release to the JSE.
The JSE has agreed to voluntarily suspend the trading of the company’s shares on the basis that the suspension of its shares on the JSE be lifted as soon as the Rockwell provides the JSE with confirmation that the suspension on the TSX has been lifted.
Late last month a judge in Kimberley, South Africa, issued an interim liquidation order against three subsidiaries of Rockwell Diamonds – Rockwell Resources RSA, HC van Wyk Diamonds and Saxendrift Mine Limited.
The interim decision stems from Rockwell’s former contractor C-Rock Mining's launch of a liquidation application against the three subsidiaries.