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BRIEF-Sumatra Copper & Gold Updates On Suspension Of Ops At Its Tembang Gold-Silver Mine In Indonesia

Published 21/09/2018, 09:52 am
© Reuters.  BRIEF-Sumatra Copper & Gold Updates On Suspension Of Ops At Its Tembang Gold-Silver Mine In Indonesia
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Sept 21 (Reuters) - Sumatra Copper & Gold PLC SUM.AX :

* 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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