Gold producer Norseman Gold (ASX: NGX) has been granted a trading halt this morning by the ASX pending the release of details on discussions with its financiers regarding its operations at the Norseman Gold Project.
In Norseman's preliminary final report released at the start of the month, the company said that an operating loss of AUD$43,900,124 was incurred and a net loss of AUD$70,052,769 (including a substantial provision for asset impairment) for FY12, which follows an operating loss of AUD$12,892,977 and net loss of AUD$21,800,925 for FY11.
Norseman said at the time that the operating loss in the current year has been as a result of lower than anticipated gold production from all operations at the company’s Norseman Project, and a restructure of the operations including the appointment of a project management company to take over management of the project on the Group’s behalf.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 24th September.
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