ASX-listed Atrum Coal will suspend share trading at the end of business on Thursday after the ASX determined that the company’s level of operations no longer warranted the continued quotation of its securities.
Atrum told shareholders that while they would not be able to trade in Atrum shares after the close of business on Thursday, private off-market trading would still be possible. Furthermore, Atrum would remain listed on the ASX and would meet its continuous disclosure obligations, until it was able to comply with the ASX listing rules.
In the meantime, the company will continue with its litigation against the government of Alberta, in Canada, for the de facto expropriation of its Elan coal leases.
The company was in 2021 forced to pause a prefeasibility study for the Elan project after the government of Alberta took a decision to reinstate the previously rescinded Coal Development Policy for Alberta.
The policy dictates the condition for coal leasing, exploration and development, and prohibits future coal exploration approvals on particular land types.
Elan is located on land designated as Category 2 under the coal policy, referring to land not normally considered for openpit coal mining, unless appropriate environmental stewardship is applied.
The company is also completing a scoping study on its Groundhog project, which is due for completion in the first quarter of this year.