Highlands Pacific shares crash to 6-yr low

HIGHLANDS Pacific shares have crashed to a six-year low after it shed A$0.00, or 4.17%, to 11.5 cents yesterday on the Australian Stock Exchange.
Prior to the latest fall, company shares had trading between A$0.12 and A$0.12.5 following a special meeting of shareholders in Port Moresby on Sept 27 when Highlands chairman Robert Bryan acknowledged the Kainantu operation was in a parlous financial position after losing US$114 million in the first half of this year.
Mr Bryan expressed confidence that the new management team would eventually turn the company around but noted that “turning an underperforming mine around takes time”.
It is understood that although mining and milling operations are running to budget little progress has been made in improving mined ore grades, which are far below design levels.
Discrepancies also continue to occur between the mined grade and the average grade processed at the Kainantu mill.
Mr Bryan made no mention of these issues in his chairman’s address at the special shareholders meeting.
 

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