Tamaya suspends shares, meets creditorsSeptember 30, 2008 -...

Tamaya suspends shares, meets creditors
September 30, 2008 - 3:52PM


Copper miner Tamaya Resources Ltd has suspended trading in its shares on the Australian stock exchange Tuesday and begun discussions with creditors to prevent the group from going under.

Tamaya said Tuesday it had requested the suspension as directors started discussions with secured creditors "with a view to securing the ongoing financial security of the company".

The company's portfolio consists of the Punitaqui copper mine in Chile, and subsidiary Iberian Resources Ltd, which holds gold projects in Armenia and Portugal.

Tamaya, formerly SMC Gold Ltd, said in August that it would require "adequate working capital" to carry out its ongoing exploration and production, which it expected to be provided from Punitaqui.

The company warned, however, that its cash position may become "constrained" and potential asset sales, "financing and corporate opportunities" would be considered to address the situation.

Tamaya chief executive Hugh Callaghan is overseas and unavailable for comment Tuesday.

The copper miner, which delivered a $141.2 million loss in the first half of calendar 2008 after a significant write-down of its assets, has already commenced the asset sale process.

In July, the company started fielding offers for the sale of the processing plant purchased for the Lichkvaz gold project in Armenia and flagged the disposal of the Rishton tenements in the Charters Towers area of North Queensland.

Tamaya put the Lichkvaz gold project on care and maintenance this year after deeming it had "not proven to be what was expected" and was not ready for development in the "foreseeable future".

The company picked up Lichkvaz and a Portuguese gold project last year after it acquired an 86.2 per cent stake in Iberian Resources through an unsuccessful takeover.

Shares in Tamaya last traded at 1.4 cents.
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Doesn't throw much light on future prospects