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Bass Metals (ASX:BSM) repatriates Madagascar staff, production halt continues

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ASX:BSM
25 March 2020 17:30 (AEST)
Bass Metals (ASX:BSM) - CEO, Tim McManus

Sourced: Finance News Network

Graphite producer Bass Metals (BSM) has placed its Graphmada large flake graphite mine in Madagascar into indefinite care and maintenance as the island nation seals its borders.

Operations at the site were paused in December for the monsoon season, and were meant to restart in April. Those recommencement plans are now on hold as the country goes into lockdown.

Madagascar has less than five reported cases of COVID-19, but has blocked inbound travel due to the fact all diagnoses so far have come from recent arrivals to the country. Bass has now sent all foreign employees home from Madagascar and put measures in place at Graphmada to ensure the health and safety of local staff.

Given the current uncertainty, the board of directors, together with senior management, have made the decision to suspend all mining and processing at Graphmada. Operations have been placed on a care and maintenance basis until some clarity on the current situation emerges.

Despite stopping production at the site, the company says it will continue its current exploration program at Graphmada and keep working on its feasibility studies for the next stage of operations. Bass says it will provide an investor update shortly.

Bass Metals shares entered a trading halt on Monday, pending the current update. Since the resumption of trade today the price hasn’t moved from 0.3 cents a share.

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