Officials said the company received a Notice of Intent to File Delisting Application from the exchange because it remained “not in compliance with certain of the NYSE MKT continued listing standards as set out in Part 10 of the NYSE MKT Company Guide”

The market exchange informed the miner it intended to file a delisting application for Cardero's common shares with the US Securities and Exchange Commission because it had determined the producer did not make sufficient progress consistent with its compliance plan outlined last August 9.

“The company has the right to appeal the NYSE MKT's determination to proceed with the delisting,” company officials said Monday.

“However, after careful consideration, the company has determined that the significant expense of the appeal process and continued NYSE MKT listing is not warranted as it is management's belief that it is not practicable for it to maintain a plan of compliance that will satisfy the NYSE MKT's continued listing requirements and that it is, therefore, in the best interests of the company and its shareholders … [to] accept the NYSE MKT's determination.”

Cardero officials did not comment further on the delisting or the impetus behind the scenario.

They said the delisting would not affect Cardero’s listing on the Toronto Stock Exchange, and that it would continue to trade on the TSX once the delisting has been executed.

Additionally, the officials said Cardero would pursue the quotation of its common shares on the OTCQX, thought it did not indicate a timeline for that plan.

Cardero’s flagship Carbon Creek metallurgical coal deposit in the Peace River coal district of northeast British Columbia, Canada, has a reserve of 121 million tonnes, included within a 468 million tonne measured and indicated resource.