Niobium firm shares frozen at Canadian stock market
Prospecting equipment at Mrima Hill niobium mining site in Kwale County. Photo/FILE
Shares of Pacific Wildcat Resources, the Canadian firm which holds the majority interest in mining company Cortec Kenya, have been suspend from trading on the Toronto Stock Exchange.
The Investment Industry Regulatory Organisation of Canada (IIROC), the country’s capital markets watchdog, suspended trading of Pacific Wildcat Resources “at the request of the company pending news,” said the Canadian regulator in a statement on Tuesday. Pacific Wildcat Resources has a 70 per cent stake in Cortec Kenya.
The regulator said the Canadian company is expected to make an announcement on the issue.
The suspension from trading comes one day after Kenya’s mining secretary Najib Balala suspended all prospecting and mining licenses issued between January 14 and May 15 this year, which includes Cortec’s.
“I have today revoked all the prospecting, exploration and mining licenses issued between January 14 and May 15 this year,” said Mr Balala on Monday.
IIROC did not link the pending news with Monday’s suspension by the ministry but analysts said that this was a material announcement due to the possible implications.
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