Dineo Faku
MINE Restoration Investments could be suspended from trading on the JSE after it failed to submit its annual report by the deadline.
The AltX-listed company, which was established to address acid mine drainage problems on the highveld, had failed to submit its annual report within six months of its year-end as prescribed, and its listing was under threat of suspension and possible termination, the JSE said yesterday.
“Should the company still fail to submit its annual report by September 30, its listing will be suspended.”
Richard Stait, Mine Restoration’s chief executive, said yesterday that the company was committed to get the annual report out by September.
The company is in a financial crisis stemming from the R45.9 million impairment of Western Utilities in the year to February. The board had impaired the project because the company did not have the confidence to take the acid mine drainage project forward, Stait said yesterday.
“It is a disastrous result for the shareholders who invested a lot of capital,” Stait said.
“This [impairment] is a major loss for the company, and as the board we felt we had to face the reality in the eye.”
Mine Restoration listed with the aim of competing for the government tender to clean up acid mine drainage. Management was assessing its realistic chances of being part of this project, Stait said.
The company was exploring opportunities to commercialise the acid mine drainage technology with a Canadian equipment manufacturer.
The shares were untraded at 7c yesterday.