BRIEF-Valence Industries says processing activities at Uley Graphitetm Site suspended By Reuters

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BRIEF-Valence Industries says processing activities at Uley Graphitetm Site suspended

Published Dec 02, 2015 12:11 Updated Dec 02, 2015 12:20

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BRIEF-Valence Industries says processing activities at Uley Graphitetm Site suspended

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Dec 2 (Reuters) - Valence Industries Ltd VXL.AX :

* Advises that it will suspend processing activities at its Uley Graphitetm site near port Lincoln, south Australia.

* Suspension of processing onsite will reduce the company's operating costs by approximately $290,000 per month

* Decision to suspend processing was taken after extensive consideration of the company's financial position.

* Company's shares will remain in suspension until capital raising process is concluded, estimated to be early 2016

* "Existing production rate was uneconomic and could not continue"

* Negotiations with financiers will be jeopardised if co comes out of voluntary suspension prior to this time

* Source text for Eikon ID:nASX3NBlTZ

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