TORONTO, Feb 6 (Reuters) - Tahera Diamond, which shut down its money-losing diamond mine last year and has been operating under bankruptcy protection, said on Friday it had requested to have trading of its shares suspended as it sees no value for shareholders.
In a statement, Tahera said any plan of restructuring or liquidation of the company would not result in a return for current shareholders.
Tahera once had high hopes for its Jericho diamond mine, which opened in 2006 in the northern Canadian territory of Nunavut.
But high oil prices, a soaring Canadian dollar, combined with a disastrous 2006 winter supply season, caused it to lose money from the start.
The company obtained creditor protection last January, shut down the mine in February, and tried unsuccessfully to sell it.
In December, Tahera laid off its remaining staff, and gave up custody of the mine to the federal Department of Indian and Northern affairs, which put it under care and maintenance.
The company's shares closed at half a Canadian cent on the Toronto Stock Exchange.
($1=$1.22 Canadian)
(Reporting by Cameron French; editing by Rob Wilson) Keywords: TAHERADIAMOND/ (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In a statement, Tahera said any plan of restructuring or liquidation of the company would not result in a return for current shareholders.
Tahera once had high hopes for its Jericho diamond mine, which opened in 2006 in the northern Canadian territory of Nunavut.
But high oil prices, a soaring Canadian dollar, combined with a disastrous 2006 winter supply season, caused it to lose money from the start.
The company obtained creditor protection last January, shut down the mine in February, and tried unsuccessfully to sell it.
In December, Tahera laid off its remaining staff, and gave up custody of the mine to the federal Department of Indian and Northern affairs, which put it under care and maintenance.
The company's shares closed at half a Canadian cent on the Toronto Stock Exchange.
($1=$1.22 Canadian)
(Reporting by Cameron French; editing by Rob Wilson) Keywords: TAHERADIAMOND/ (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.