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Illawarra coal miner extends trading halt

article image Gujarat NRE Coking Coal shares remain in a trading halt.

Gujarat NRE Coking Coal shares remain in a trading suspension after three weeks as the company has again asked for an extension.

The company first requested a two-day trading halt on June 26, before requesting a voluntary suspension of shares on June 28.

The move came after the Illawarra miner failed in a bid to raise more than $68 million from shareholders after only $35,000 was made in a recent share offering, The Illawarra Mercury reported.

Yesterday chief commercial officer of Gujarat, Sanjay Sharma, sent a letter to the ASX requesting an extension of the trading halt until Monday the 22nd of July.

Gujarat said the halt was needed to give the company more time to complete the "refinancing of its existing debt facility, further debt facility and equity financing" and allow the Gujarat to finalise its accounts for the Indian financial year, which ended on March 31.

Indian-owned mining firm Gujarat NRE Coking Coal announced plans to invest $500 million in the expansion of its coal mines in New South Wales in 2010.

The company owns and operates two underground coal mines in the Illawarra region.

Earlier this year the company was ordered to pay $8.4 million for failing to report thousands of tonnes greenhouse gas emissions.

Federal regulators revealed the shortfall charge after Gujarat did not report a single carbon unit by the deadline of June 17.

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