Leo Lithium Ltd (ASX: LLL) shares were scheduled to return to the ASX boards this morning after yet another lengthy self-imposed suspension.
However, that won't be the case, with the lithium developer's shares being suspended indefinitely, this time by the ASX operator.
What's going on with Leo Lithium's shares?
Last month, the company's shares were slammed into another trading halt and suspension due to correspondence from the Malian junta government. It advised:
The Company requests a voluntary suspension pending an announcement in relation to correspondence from the government of Mali and the application of the 2023 Mining Code to the Goulamina Lithium Project.
The new mining code reportedly allows the military-led government to increase its ownership in projects across the country, with state and local investors to take stakes as high as 35% in mining projects compared with 20% now.
After agreeing to give 5% of the Goulamina Lithium Project to Chinese lithium giant and joint venture partner Ganfeng Lithium last month in exchange for project funding, Leo Lithium's stake reduced to 45%. Should the government now take a 35% stake in the project, this could reduce Leo Lithium's interest in the project to just 27.5%.
What's the latest?
As you might have noticed at the top, Leo Lithium's shares appear to have been blocked from returning to trade by the ASX operator this morning. The notice explains:
The securities of Leo Lithium Limited ('LLL') will be suspended from quotation immediately under Listing Rule 17.3, following a failure to respond to ASX queries adequately. The securities will remain suspended until the Company has responded to ASX's queries adequately.
This certainly is not a great look for the company and its management team.
Leo Lithium shares are down 55% over the last three months.
