Brief: Sumatra Copper & Gold Updates On Suspension Of Ops At Its Tembang Gold-Silver Mine In Indonesia

Western Ridge Resources

21/09/2018 24:52

Sept 21 (Reuters) - Sumatra Copper & Gold PLC  SUM.AX :
    * UPDATES ON SUSPENSION OF OPERATIONS AT TEMBANG GOLD-SILVER
MINE
IN SOUTHERN SUMATRA, INDONESIA
    * MAJORITY WORK FORCE IS REDUNDANT WITH SKELETON CREW
REMAINING,
ALL CONTRACTORS HAVE DEMOBILISED FROM SITE
    * "THERE HAS BEEN AN INCREASE IN ILLEGAL MINING ACTIVITIES,
BUT IS
EXPECTED TO DECREASE ONCE INDIVIDUAL MINES FLOOD"
    * CONTINUES TO HAVE TALKS WITH LENDERS & STAKEHOLDERS ABOUT
RESTRUCTURING OPTIONS & AN INVESTMENT BANK HAS BEEN APPOINTED
    * CO REQUESTS TO REMAIN IN VOLUNTARY SUSPENSION UNTIL AN
ANNOUNCEMENT IS MADE REGARDING FINALISATION OF RESTRUCTURING
    * RESTRUCTURING PROCESS IS EXPECTED TO TAKE BETWEEN 3 & 6
MONTHS
    * ANDY ROBB HAS RESIGNED AS NON-EXECUTIVE DIRECTOR

Source text for Eikon:  urn:newsml:reuters.com:*:nASX7MsS3G
Further company coverage:  SUM.AX 

 ((Reuters.Briefs@thomsonreuters.com;))