Tigers Realm considering options for Russian ops
PERTH (miningweekly.com) – ASX-listed Tigers Realm Coal this week told shareholders that it is weighing its options after the Department of Foreign Affairs and Trade (DFAT) found that its coal operations in Russia will likely be prohibited by the Australian Sanctions Regulations, given Russia’s invasion of Ukraine.
The DFAT assessed Tigers Realm’s operations at the company’s request, and found that the company’s coal mining and production in Russia were likely to be prohibited by, or subject to authorisation under, regulation 4A of the Australian Sanctions Regulations which relates to sanctioned imports.
Tigers Realm told shareholders that the company did not agree with DFAT’s indicative assessment that its operations comprise a sanctioned import.
The DFAT has invited the company to apply to the Minister of Foreign Affairs for an exemption permit which will enable the company to continue its operations.
Tigers Realm said in a statement that the company is currently considering whether applying to the Minister for an exemption permit is the most appropriate and efficient option to ensure that the company can continue its operations. DFAT has advised the company that this process ordinarily takes around eight weeks to provide an outcome. Alternative options available to the company include seeking judicial relief and/or restructuring the company’s business and corporate group.
Tigers Realm produced 392 000 t of coal during the December quarter, and 1.52-million tonnes in 2022 from its Russian operations.
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