Polymetals Resources Ltd (ASX:POL) has frozen its shares as it waits on further information out of the Republic of Guinea, where a statement from the military says that the government has been dissolved.
Just hours ago, Guinean military officer Mamady Doumbouya broadcast a statement in which he claimed the country’s borders had been closed.
"We have decided, after having taken the president [Alpha Conde], to dissolve the constitution," the colonel said in a state television address.
"We are going to rewrite a constitution together."
In a later update, military officers declared a nationwide curfew “until further notice” and said Conde was unharmed.
The West African leader’s whereabouts remain unknown, although a video has circulated showing the 83-year-old in a room surrounded by army special forces.
He refused to answer a question from one soldier about whether he was being mistreated.
Despite the junta claiming power, Guinea’s Defence Ministry maintains the coup d’etat has been quelled.
“The presidential guard, supported by the loyalist and republican defence and security forces, contained the threat and repelled the group of assailants,” it said in a statement.
“Security and combing operations are continuing to restore order and peace.”
Gunfire and fighting broke out near the presidential palace in the Guinean capital of Conakry in the early hours of Sunday morning.
At least two people have reportedly been injured.
United Nations secretary-general Antonio Guterres condemned “any takeover of the government by force” in a tweet on Sunday.
Conde won a controversial third term in October after changing the country’s constitution, allowing him to stand for re-election.
He came to power in 2010, taking control from a military junta established two years prior.
The presidential elections that year were the first in the republic’s 52-year history.
POL set to resume trade Wednesday
As it waits on further details from the West African nation, Polymetals has frozen all trade on the local share market.
The temporary lull will give the ASX-lister time to clarify the coup’s potential implications for its gold exploration portfolio.
POL wholly owns Golden Guinea Resources SARL, which owns two exploration licences within the Siguiri Basin.
This region occupies Guinea’s northeastern corner and hosts several large, active gold mining operations.
The largest operation is AngloGold Ashanti (ASX:AGG)’s Siguiri Gold Mine, around 37 kilometres west of the Golden Guinea licences, which to date has produced more than 6 million ounces of gold over its 20-year life.
Two other ASX-listed companies are active in the region; Golden Rim Resources Ltd (ASX:GMR) and Predictive Discovery Ltd (ASX:PDI).
Polymetals’ two exploration licences, Alahiné and Mansala, host many historical and current small-scale gold mining operations, conducted by local individuals known as artisans.
The halt is expected to remain in place until the resumption of ASX trade on Wednesday, September 8, or until the company releases an announcement.