Castillo Copper Voluntary Suspension Of Securities - What Investors Need To Know

  • Dec 27, 2018 AEDT
  • Team Kalkine
Castillo Copper Voluntary Suspension Of Securities - What Investors Need To Know

Castillo Copper Limited (ASX: CCZ) is a metal mining and exploring company based out in Perth, Australia, primarily focussing on copper, cobalt, zinc, and nickel. It comprises four tenure groups that collectively holds 11 highly prospective mineral projects in New South Wales and Queensland region. CCZ also holds Chilean assets, known for high-grade copper-gold projects, comprising of six projects spread over an area of 1,800 hectares. Its four tenure groups in New South Wales and Queensland are as follows: 

  • Jackaderry Project – it comprises three prospects in the New England Orogen in NSW having great prospects for copper-cobalt-zinc.
  • Broken Hill Project – consisting of two tenements located on the Broken Hill, NSW. It also possesses high prospects for copper-cobalt-zinc.
  • Oxide Project – known for the copper-cobalt minerals, it consists three prospects in the Mt Isa region, northwest Queensland.
  • Marlborough Project – it comprises three prospects located north-west of Gladstone with proven high-grade cobalt-nickel systems.

Today, the company has requested Elizabeth Harris (the Principal Adviser, Listings Compliance (Perth), ASX Limited) to immediately suspend its securities from quotation under Listing Rule 17.2 because of some pending announcement regarding the status of its exploration tenements with effect from the commencement of trading on Thursday, 27 December 2018.

The Resources Regulator announced the suspension of exploration activity at the CCZ’s Cangai Copper project. The suspension notices were issued to CCZ’s subsidiaries Total Minerals Pty Ltd and Total Iron Pty Ltd holders of exploration license EL 8625 and EL 8635 respectively, licenses being operated by CCZ in the North Coast Region of NSW.

The Resources Regulator suspended the activities because of pending rectification of compliance issues identified during a recent inspection. The issues included the lack of sediment and erosion controls; drill cuttings/waste materials were not managed properly; clearing and excavation work exceeded the approved limits; approval for the drilling of five boreholes was not taken; and a failure to progressively rehabilitate in approved time frames. The Resources Regulator also added that the failure to comply with the suspension might result in a maximum fine of $1.1 million for the company and $220 thousand for an individual.

The company has connected with the Resources Regulator to address the concern in a timely manner, and the suspension will not unduly delay its exploration program for 2019.

Furthermore, the company is having discussions with its contractors to ensure all compliance requirements are met, and best practice methods are applied to its projects moving forward once the suspension is lifted.

The Company requested that the voluntary suspension remains in place until the pre-market on Monday, 14 January 2019.

Earlier, on 21 December 2018, the company had voluntarily placed its securities under a trading halt for the same reason.

During the year, the scrip price has fallen by 73.33% from $0.057 at the beginning of the year to $0.016 on 21 December 2018. The scrip has not been traded over the exchange since 21 December 2018 because of the trading halt and later, the suspension of securities.


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