[miningmx.com] — SOUTH African Coal Mining Holdings (SACMH) has been warned by the JSE to submit its financial reports for the interim period to end-December, or face a suspension in the trading of its shares.
“The Johannesburg Stock Exchange wishes to advise that [SACMH has] failed to submit provisional reports within the three-month period stipulated in the JSE’s listing requirements,’ read an announcement issued on Thusday.
“Should the companies still fail to submit their provisional reports by 30 April 2012, their listings will be suspended.’
In a separate announcement, the company said it has not yet received environmental approval to commence mining at the Voorslag resource.
“It was expected that approval would be given by March 2012,’ the group said. Given that mining at Vlakfontein had been completed, production is currently limited only to the Mooifontein underground resource. Mining production is expected to be reduced to about 40,000 tonnes to 50,000 tonnes per month.
“Considering the prevailing scenario, the company is embarking upon a cost reduction exercise to offset the impact of lower volumes until such time as the necessary approvals are received.’
