Copper miner Tamaya Resources has suspended trading of its shares on the Australian stock exchange and begun discussions with creditors, a month after delivering a A$141.2 million ($168.4 million) half-year loss.
Tamaya said yesterday its securities would be "suspended from quotation immediately at the request of the company
following the commencement of discussions with the company's secured creditors".
The company said in August that it would require "adequate working capital" to carry out exploration and production, which Tamaya expected to be provided from its copper operation in Chile.
Tamaya warned, however, that the company's cash position might become "constrained" and potential asset sales, "financing and corporate opportunities" would be considered to address the situation.
Tamaya put the Lichkvaz gold project in Armenia on care and maintenance after deeming it had "not proven to be what was expected" and was not ready for development in the "foreseeable future".
- AAP
