Metal-Tech finals delayed to June
StockMarketWire.com - Israel-based specialty metals company Metal-Tech Ltd said release of its results for 2010 has been delayed until June due to complications surrounding its Mongolian joint venture Shim-Technology Co. Ltd.
In January, Metal-Tech warned it may have to take substantial write-offs after Erdenet Mining Company, its Mongolian JV partner, initiated bankruptcy proceedings against Shim-Tech.
Metal-Tech said it had remained in negotiations with Erdenet and was 'taking all necessary actions in Mongolia to attain a fair and just result for the company'.
Due to the complexity of the issue and how it might be addressed in the financial reports, the company had decided to wait for further developments and clarification before issuing its full-year results.
Metal-Tech said it had benefited from improved trading conditions in the second half of 2010 as higher demand for tungsten had led to a continued increase in the metal's price.
Current trading remained encouraging, with improved gross margins. As a result, the board continued to view the outlook for 2011 with confidence.
In January, Metal-Tech warned it may have to take substantial write-offs after Erdenet Mining Company, its Mongolian JV partner, initiated bankruptcy proceedings against Shim-Tech.
Metal-Tech said it had remained in negotiations with Erdenet and was 'taking all necessary actions in Mongolia to attain a fair and just result for the company'.
Due to the complexity of the issue and how it might be addressed in the financial reports, the company had decided to wait for further developments and clarification before issuing its full-year results.
Metal-Tech said it had benefited from improved trading conditions in the second half of 2010 as higher demand for tungsten had led to a continued increase in the metal's price.
Current trading remained encouraging, with improved gross margins. As a result, the board continued to view the outlook for 2011 with confidence.
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