Why Are CCZ And FDX Requesting For Voluntary Suspension?

Why Are CCZ And FDX Requesting For Voluntary Suspension?

Castillo Copper Limited (ASX: CCZ):

Castillo Copper Limited (ASX: CCZ), a company from the metals and the mining industries which is into the business of exploring copper, cobalt, zinc, and nickel from its bulk operating asset in Eastern Australia. CCZ has come up with an update where it has asked ASX for an extension in the voluntary suspension of its securities as per the ASX listing rule 17.2 till the company provides a further update on the status of exploration tenements. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

On 27 December 2018, the company initially also asked ASX for the voluntary suspension when its subsidiary companies Total Minerals Pty Ltd and Total Iron Pty Ltd, were issued a suspension notice. As a result, the exploration activities of the company at the Cangai Copper project got suspended till the rectification of the compliance issues, identified during the inspection held in November 2018 by the NSW Resources Regulator.

Post this, the company was continuously in touch with the NSW Resources Regulator and has come up with the following updates. The company has put a control environmental impacts associated with the prospecting operations. The company made an appointment of an expert to study the site performance and also identify the risk assessment due to the surface disturbance during the operational activities and identify the control points to prevent environmental harm. The output given by the expert was developed and implemented with adequate control to minimize any damage to the environment due to the activities carried out under the licenses of the company. Further, the company has also performed the audits of the exploration activities undertaken.

The reports through these experts will be reported to the NSW Resources Regulator regarding the actual environmental damage and the potential impacts on the environment due to the exploration activities and the methods recommended by the experts to minimize the risk.

The company is hopeful to get a green signal to continue is exploration activities as per the reports from the experts, and there will be no further delay in its exploration program for 2019.

The trading of shares will remain in suspended status till further announcement by the company or by 4 February 2019.

Frontier Diamonds Ltd (ASX: FDX):

Frontier Diamonds Ltd (ASX: FDX), another company from the metals and the mining industries which is into the business of mineral mining and development has asked ASX for an extension in the voluntary suspension of trading its securities as per the ASX listing rule 17.2.

The request for the extension is because the company is currently in discussions to update the market on its financial position and it requires time to finalize negotiations.

The company has requested for an extension in voluntary suspension unless any further announcement comes from the company or by 1 February 2019.

Before the request for voluntary suspension, the company asked ASX for the trading halt as per the listing rule 17.1 regarding the company’s announcement regarding fundraising on 21 December 2018.


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