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Kingsrose Mining to resume trading on the ASX

Published by , Assistant Editor
Global Mining Review,

The Australian Securities Exchange (ASX) has advised Kingsrose Mining that trading in its securities will resume today (18 December 2017). The resumption of trading follows the successful restructure of Kingsrose’s finances, including a period of Administration which saw creditors pay 100 cents in the dollar.

According to Kingsrose Mining, the company is debt-free after recently repaying the remaining AUS$4.4 million of unsecured debt, with the lender agreeing to AUS$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 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.

Kingsrose recently 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 Managing Director, Paul Jago said the resumption of trading on the ASX marked the start of a new chapter for the company.

“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 we 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 gold mining operation,” he concluded.

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Australian mining news