Tigers Realm pauses privatisation plans
PERTH (miningweekly.com) – ASX-listed Tigers Realm Coal has suspended its privatisation plans, citing concerns around the ability to procure the necessary regulatory relief on a "timely basis" under Australian and Russian law.
The company in April this year announced it was considering a potential privatisation and de-listing from the ASX as a possible avenue to address Australia’s sanctions on the company’s Russian operations.
The company initiated discussions with a number of shareholders to ascertain the level of support for this move, but said on Wednesday that the independent board committee established to consider and prepare for the Potential Privatisation had resolved to suspend further activities regarding the potential privatisation at this time due to concerns regarding the ability to procure the necessary regulatory relief on a timely basis.
The company has previously filed an application with the Federal Court of Australia seeking exemption from the government’s sanctions on Russian coal.
Tigers Realm’s coal assets are located in the vicinity of the Bering Sea coast in the Russian far east. In the March quarter of this year, the miner reported run-of-mine production of 327 000 t, and that it was targeting full-year production of between 1.5-million and 1.6-million tonnes.
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