Gunsynd PLC BTHL - Suspension of Operations (0943J)
March 27 2018 - 5:52AM
UK Regulatory
TIDMGUN
RNS Number : 0943J
Gunsynd PLC
27 March 2018
Gunsynd plc
("Gunsynd" or the "Company")
Brazil Tungsten Holdings - Suspension of Operations
Gunsynd Plc (AIM: GUN, NEX: GUN) regrets to announce that it has
been informed by the management of Brazil Tungsten Holdings
("BTHL"), in which it has a 6.18% investment, that there has been a
fatal accident at its Bodo Mine in Brazil in which two underground
workers were killed. Following the accident, BTHL has received a
list of non-compliance issues, including three interdictions, which
have resulted in the suspension of operations at the mine and
process plant. Investigations by various government bodies are
ongoing.
BTHL must now present plans on how it will rectify certain
issues raised by the government bodies, and upon resolution, the
restrictions may be lifted subject to approval. It is not yet known
how long it will take to rectify and complete these remedial
measures, but work has already started in conjunction with an
independent consultant to address a number of the more
straightforward infringements.
If the government bodies do not remove the restrictions after
BTHL has taken corrective action, BTHL will need to seek recourse
through the courts in order to have them lifted.
The 6.18% investment in BTHL currently has a carrying value of
GBP500k in the accounts of the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc
Hamish Harris +44 20 7440 0640
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 20 7213 0880
Peterhouse Corporate Finance
Lucy Williams +44 20 7469 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
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