PERTH (miningweekly.com) – Share trading in graphite producer Volt Resources has been temporarily halted as the company struggles to finalise its half-year results, given the conflict in the Ukraine.
Volt in 2021 acquired a 70% interest in the Zavalievsky graphite business, in the Ukraine.
The company was forced to suspend graphite mining and processing operations at the Zavalievsky graphite mine, Zavallya, following Russia’s invasion of the Ukraine four weeks ago.
Volt said on Thursday that the company continued to be in regular contact with Zavalievsky management, and that management, accounting and marketing staff and their families were in relatively safe locations outside of Kyiv.
Volt will continue to pay staff salaries, and will continue to monitor the conflict in the Ukraine.
The Zavalievsky assets will form part of Volt’s audited financial results, and since the acquisition of the assets last year, the company had appointed auditors for the three Ukrainian companies, had prepared financial reports and had an independent valuation of the Ukraine assets at the acquisition date. However, the invasion of the Ukraine has resulted in the finalisation of these financial statements being “significantly disrupted”, Volt said.
As a result, the company has been unable to include the audited financial information from the Zavalievsky group of companies into Volt’s consolidated financial statement, and to complete the review of the half-year results, by ASX and Australian Securities and Investment Commission deadlines.
Volt expected to receive the Zavalievsky audited financial statements ‘imminently’, which would allow the company to complete its review process and lodge its half-year report, it said.