Jobs lost at CopperCo TAHNEE WATSON 25/11/2008 7:33:00 AM THE financial woes of junior miner CopperCo have deepened with the company yesterday requesting a suspension from trading of its shares on the Australian Stock Exchange. The company cited the need to complete documentation related to “a potential financing transaction” as the reason for the suspension.
It is understood staff within CopperCo’s exploration team were laid off last week with more workers sent home on Saturday due to fuel rationing.
It is thought the company ran out of fuel on Sunday. However, it can continue to produce copper cathode from its stock piles of ore on site.
Shares in CopperCo have fallen from a peak of $1.07 last December to just 5c when trading was suspended last Thursday.
The company has also borrowed about $140 million to fund its project. Of that, $35 million is due to be repaid by next June.
The company did not return The North West Star’s request for comment yesterday.
It is unknown when CopperCo will make an announcement to the market.
To be honest I'm surprised this didn't happen 4 months ago. I can't believe they have been exploring without sorting out the financing situation.
CUO Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
