Troy Resources applies for suspension of trading of securities
-in wake of fatal accident
In the wake of a fatal accident at its Karouni mine in Region Seven, Australian mining company Troy Resources Limited yesterday applied for a halt of trading of its securities in its home country pending an announcement on its operations here.
A halt of trading is usually sought when an event can have a severe impact on securities values.
Troy’s Company Secretary G Kaczmarek, in a letter to a Perth, Australia listings company, said: “In accordance with Listing Rule 17.1, Troy requests that an immediate trading halt be placed on the Company’s securities pending an announcement regarding operations at the Company’s Karouni Mine in Guyana.
“Troy anticipates that the trading halt will be lifted on the earlier of the commencement of normal trading on 15 October 2019, or when an announcement regarding an update on operations is made to the market.
“Troy is not aware of any reason why the trading halt should not be granted or any information necessary to inform the market about the trading halt”.
Ryan Taylor, 33, a geologist died on Tuesday morning after a cave where he was working collapsed. The Guyana Geology and Mines Commission has been instructed to carry out a thorough investigation.
Troy Resources, in a statement on Tuesday, said that operations at its Karouni site have been temporarily suspended and that an investigation is to follow.
Natural Resources Minister Raphael Trotman on Tuesday told Stabroek News that while the safety record “for large mining companies (Troy, Aurora, Bosai, Rusal and First Bauxite) is generally good where pit construction is concerned, this incident gives cause to look at the mishap carefully and determine as to why it occurred. The standards are expected to be higher, and their enforcements better.”
Trotman indicated that the investigation of Taylor’s “will be conducted as per law and practices by GGMC and it begins today. As to the scope, all aspects of the accident will be investigated.”