It has been a while since we saw Leo Lithium Ltd (ASX: LLL) shares on the ASX boards.
The lithium developer's shares have been suspended from trade since 18 July.
Image source: Getty Images
What's going on with Leo Lithium shares?
Leo Lithium shares were suspended last month at the company's request while it has discussions with the Malian government.
While the company hasn't revealed what is going on, there are a couple of potential reasons for the suspension.
The first could be the company's plans to start exporting direct shipped ore (DSO).
A number of African countries have recently banned DSO exports. They want miners to process ore in their country to support jobs, rather than have them dig it up and throw it on a boat to be processed elsewhere.
In addition, there were reports last month that the Malian government wants to change mining laws. The Reuters report claims that the government is aiming to take a direct 10% stake in mining projects once a permit has been issued.
The laws apparently would also give the state the option to buy an additional 20% within the first two years of commercial production.
What's the latest?
This morning, the company has extended its suspension until Monday of next week. It said:
The Company requests an extension to its voluntary suspension pending an announcement in relation to ongoing incomplete discussions with the government of Mali on correspondence that it has received. The Company anticipates that the voluntary suspension will end upon the Company releasing the above announcement, which is anticipated to occur on or before Monday, 28 August 2023.
Whether or not we will see Leo Lithium shares resume trade on Monday, is hard to say. After all, its shares were expected to return to action today after the release of the promised announcement, but that didn't happen.
