Uranium miner fined for lacklustre lodging
An Australian uranium exploration and mining firm has been fined for lodging virtually no financial documents, and not even holding an AGM.
Africa Uranium Limited has been fined $25,000 for failing to hold annual general meetings or lodge required documents with ASIC.
The company neglected to submit a number of documents including financial reports, director’s reports, auditor’s reports, and a concise report.
The WA-based Africa Uranium says it engages in the exploration and production of uranium and other precious metals in Namibia and South Africa.
The company pleaded guilty to all seven offences laid by ASIC before the Perth Magistrates Court.
Commissioner Greg Tanzer said “this matter demonstrates the ongoing focus ASIC has on companies that fail to uphold their reporting responsibilities, which severely compromises the transparency around a company.
“These obligations are important and ASIC will not hesitate to pursue those who disregard them.”
The offences were prosecuted by the Commonwealth Director of Public Prosecutions.