Gunsynd Says Operations At Investee Mine Suspended After Fatality

27th Mar 2018 14:21

LONDON (Alliance News) - Gunsynd PLC said Tuesday that there has been a fatal accident at the Bodo Mine in Brazil owned by investee Brazil Tungsten Holdings and operations at the mine have been suspended due to non-compliance issues.

The investment company owns a 6.18% stake in Brazil Tungsten Holdings

Two underground workers were killed in the fatal accident and, following the accident, Brazil Tungsten has received a list of non-compliance issues, including three interdictions, which have resulted in the suspension of operations at the mine and process plant, the company said.

Brazil Tungsten is now required to present plans to rectify certain issues raised by the government bodies, and upon resolution, the restrictions may be lifted subject to approval.

The 6.18% investment in Brazil Tungsten currently has a carrying value of GBP500,000 in the accounts of the company.

Shares in Gunsynd were trading 5.8% lower at 0.0424 pence per share.

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