- Trevali wants to liquidate its 90% shareholding in the mine
- A liquidator has been appointed by the Commercial Court of Ouaga to manage the business
- Trevali no longer has control of the Perkoa zinc mine
- Pending a possible buyer
Trevali Mining Corporation, the company that operated the Perkoa zinc mine, has taken stock of the judicial liquidation of its 90% stake in the mine. In a release dated 14 November 2022, Trevali Mining Corporation announced that the Commercial Court of Ouagadougou has issued an order providing for the liquidation of the company’s 90%-owned subsidiary in Burkina Faso. “A liquidator has been appointed by the Court and it is intended that notice of this appointment will be published in newspapers in accordance with applicable laws and the terms of the liquidation order,” the release said. The liquidator is responsible for managing the affairs of the Perkoa mine. In other words, Trevali no longer has operational control over the Perkoa mine. Further information will be communicated to the parties concerned by the liquidator in accordance with the applicable legislation, the release continues.
As a reminder, on 6 October 2022, Trevali Mining Corporation submitted a request to the Commercial Court of Ouagadougou for the liquidation of its 90% stake in the zinc mine.
Under applicable Burkina Faso law, a liquidator has been appointed by the Tribunal. He has the onerous task of managing the affairs of the mine pending a possible buyer.
The Perkoa mine began commercial operations in 2013. Mining and milling activities were suspended in April 2022 following a flash flood. “Nantou Mining’s liquidity position deteriorated significantly in the months following the flooding at its Perkoa mine on 16 April 2022. This, together with the substantial funding requirements to effect a restart of operations and the continuing geopolitical uncertainty in Burkina Faso, including the coup d’état on 30 September 2022, has prevented Nantou Mining from resuming operations at the Perkoa mine at this time, or from effectively continuing its operations or meeting its obligations as they become due,” the company said in a statement dated 6 October 2022.
Trevali is a mining company based in Vancouver, Canada.
Elie KABORE
