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Exploration companies Arrow Minerals and Volt Resources have voluntarily suspended their shares from trading on the ASX, following reports that Guinea’s military-led government has cancelled 51 mining licences. The suspensions come in the wake of trading halts initiated by both firms on 19 May, amid growing uncertainty around their tenement holdings in the West African nation.
Arrow stated on 21 May that it is not in a position to comment on the media reports and confirmed that the trading suspension would remain in place until 23 May. The company holds interests in the Simandou North iron-ore project, located in Guinea’s premium iron belt as well as the Niagara bauxite project, situated approximately 100 km from the Simandou railway corridor.
Volt Resources, which has shifted its strategic focus to graphite projects in Ukraine and Tanzania, had already ceased investment in its gold assets in Guinea last year. The company subsequently impaired the carrying value of those assets, which are held through subsidiaries KB Gold and Novo Mines.
