5th Jan 2017 08:19
LONDON (Alliance News) - Hunter Resources PLC on Thursday said its shares will be cancelled from trading on Friday, noting it is so far been unsuccessful in its attempts to reach a conclusion over its dispute in Peru.
Under AIM conditions imposed following its re-admission to the market in July 2014, Hunter has to buy 51% of the Pampamali gold and base metals project in Peru. Hunter exercised the option to acquire that stake in July 2015, but the owners of the project have been refusing to transfer the stake to the designated holding company that would form the joint venture.
Talks to conclude this purchase are at an advanced stage but, until the deal is done, Hunter's shares must remain suspended, and the group had until January 6, this Friday, to resolve the issue.
Hunter on Thursday said it is currently considering future options on the Pampamali joint venture, having been unsuccessful in reaching a conclusion to date. The group noted, though, that it continues to own the Prospero project in Peru.
Hunter said it continues to "actively investigate" a number of new projects, with the intention to obtain a new admission to AIM or "some other exchange".
However, the group said it is no longer pursuing the exploration project in East Africa which it had previously mentioned.
By Hannah Boland; [email protected]; @Hannaheboland
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