TORONTO (miningweekly.com) – Dual-listed Amara Mining on Monday said it had lodged an application to voluntarily delist from the TSX, saying the minimal trading activity of its ordinary shares on the bourse no longer justified the expenses and administrative efforts associated with maintaining both listings.
Amara said its Aim listing would be sufficient to provide its shareholders with liquidity, and the Toronto delisting was not expected to have any impact on Amara's ongoing operations, nor on its ability to raise further funds, if required, to progress the continued development of its West Africa-focused projects.
The administrative and regulatory efficiencies provided by focusing on a single listing were part of a wider package of cost-cutting measures adopted by Amara during September.
Those UK-based shareholders who currently held Amara ordinary shares in their individual savings accounts (ISAs) would be able to continue to do so as a result of the decision by The Treasury of the UK Parliament to extend the range of qualifying ISA investments to include company shares admitted to trading on Aim, which came into effect on 5 August.
Amara owns the Kalsaka gold mine, in Burkina Faso, which is targeting 50 000 oz to 60 000 oz of production in 2013. The company recently acquired the neighbouring Sega project, where production started during the third quarter, enhancing Kalsaka’s production profile.
Baomahun is Amara's wholly owned feasibility-stage gold project in Sierra Leone, which is expected to contribute an average of more than 148 000 oz/y of gold over the first six years of operation.
The company also controls the Yaoure gold project, in Côte d’Ivoire, and is busy investigating the project's significant sulphide resource potential.