10th Jun 2016 09:24
LONDON (Alliance News) - Metminco Ltd shares soared on Friday morning after its shares were suspended in Australia ahead of "price sensitive information" concerning its Los Calatos copper project in Peru.
Metminco shares were trading up 38% to 0.255 pence per share on Friday morning.
"The ASX trading halt was requested due to the company becoming aware that price sensitive information concerning advanced, but incomplete, negotiations regarding the Los Calatos partnership process may be in the public domain," said William Howe, managing director.
"The company notes that its shares will continue to trade on AIM throughout the period of the ASX trading halt," he added.
Metminco revealed it was talking to a number of interested parties about partnering on the project way back in October last year after it released a mining study for the project in September, and the news Friday suggests at least one is imminently about to join Los Calatos.
Howe said he expects the trading halt in Australia to end "no later" than next Thursday, and stressed there is no guarantee that current negotiations will be successfully concluded.
By Joshua Warner; [email protected]; @JoshAlliance
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