Timmins miner Primero Mining received notice from the New York Stock Exchange (NYSE) of its intention to start delisting procedures of the company's common shares.
The exchange determined that the Toronto-headquartered miner’s "abnormally low" price levels are no longer suitable for listing. In an Aug. 14 news release, Primero said it will not seek an appeal to the NYSE's decision.
The exchange will file Form 25 (Notification of Removal from Listing and/or Registration Under Section 12(b) of the Securities Exchange Act of 1934) with the U.S. Securities and Exchange Commission.
Primero’s common shares still trade on the Toronto Stock Exchange under symbol "P."
During the second quarter, Primero recorded a net loss of $300.4 million and is in the midst of a strategic review that includes selling off its Ontario properties — including Grey Fox, Black Fox and Pike River — to McEwen Mining for $35 million cash.
The company is also studying a range of options with its flagship operation, the troubled San Dimas mine in Mexico, which includes finding a joint venture partner or potential divestiture.