ZSE lifts Falgold suspension

The Zimbabwe Stock Exchange (ZSE) yesterday lifted the seven-month suspension in trading of Falcon Gold Zimbabwe Limited (Falgold) shares after the gold miner fulfilled listing requirements of the bourse.

This follows Falgold voluntary application for suspension from trading of its shares in February this year after they had failed to publish their audited financial statements for the period ended September 30, 2018.

The local bourse has, however, lifted the suspension after the company took corrective measures to meet the obligations.

Some of the remedial measures instituted by Falgold to fulfil unresolved continuing obligations include:

Publishing the outstanding 2018 audited financial results for the period ended September 30, 2018.

Held its members’ Annual General Meeting (on September 9) for the year ended September 30, 2018.

Published half year interim results for the period ended March 31, 2019.

In a statement yesterday, ZSE chief executive Justin Bgoni, advised the investing public that the gold producing company had been reinstated following a consensus by the listings committee.

“The Zimbabwe Stock Exchange limited, hereby notifies the investing public of the lifting of suspension in the trading of Falcon Gold Zimbabwe limited (“Falgold”) shares with effect from September 23, 2019.

“The ZSE listings committee satisfied itself that all the compliance issues which led to the voluntary suspension request had been fully met and resolved to lift the suspension with effect from September 23, 2019,” Mr Bgoni said.

The development brings the number of active mining companies on the ZSE to three including resource based firms RioZim and Bindura.

Listed firms are required to publish half-year and full-year financial results and updating shareholders at a stipulated time, in line with listing regulations.

Falgold is a gold mining and exploration company in Zimbabwe founded in 1991.

It primarily explores for gold, base metals and precious metals and has an operational processing plant and ancillary infrastructure which supports a central processing plant that treats ore from Pickstone.

Falgold is a subsidiary of New Dawn Mining Group.

New Dawn Mining Corp involved in the exploration, development, extraction, processing and reclamation of precious metal deposits in Zimbabwe.

The company owns Dalny Mine in Chakari, Venice Mine in Kadoma and Golden Quarry Mine in Shurugwi.

In the half-year, Falgold slumped to a $27,2 million loss, up from a $1,7 million loss in the comparable period last year on the back of  massive exchange losses.

Gold production during the period was down 3,7 percent compared to same  period in 2018.