Metal Tiger Plc's board decided to delay the proposed IPO of the company's Thai lead-zinc-silver joint venture, which holds the Song-Toh and Boh-Yai mines in Thailand.
The listing for joint venture vehicle KEMCO Mining Plc was pegged for the first quarter of 2018.
According to a Feb. 2 release, the move follows a delay in the consideration of the minerals management master plan and uncertainty surrounding the designation of the two mines as mineral deposit areas.
There are no guarantees on the exact timing of the consideration or approval, the company said.
Additionally, Metal Tiger undertook an operational review and implemented a substantial cost-cutting program. It also halted all capital-intensive programs needed to bolster submissions for the permitting process until further notice.
The company is in talks with its joint venture partner to revise and improve the terms of the current agreement.
