SUM 2.94% 16.5¢ summit minerals limited

News: SUM Sumatra Copper & Gold Updates On Suspension Of Ops At Its Tembang Gold-Silver Mine In...

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    Sept 21 (Reuters) - Sumatra Copper & Gold PLC (SUM) :

    • UPDATES ON SUSPENSION OF OPERATIONS AT TEMBANG GOLD-SILVER MINE IN SOUTHERN SUMATRA, INDONESIA
    • MAJORITY WORK FORCE IS REDUNDANT WITH SKELETON CREW REMAINING, ALL CONTRACTORS HAVE DEMOBILISED FROM SITE
    • "THERE HAS BEEN AN INCREASE IN ILLEGAL MINING ACTIVITIES, BUT IS EXPECTED TO DECREASE ONCE INDIVIDUAL MINES FLOOD"
    • CONTINUES TO HAVE TALKS WITH LENDERS & STAKEHOLDERS ABOUT RESTRUCTURING OPTIONS & AN INVESTMENT BANK HAS BEEN APPOINTED
    • CO REQUESTS TO REMAIN IN VOLUNTARY SUSPENSION UNTIL AN ANNOUNCEMENT IS MADE REGARDING FINALISATION OF RESTRUCTURING
    • RESTRUCTURING PROCESS IS EXPECTED TO TAKE BETWEEN 3 & 6 MONTHS
    • ANDY ROBB HAS RESIGNED AS NON-EXECUTIVE DIRECTOR
 
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