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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check one): ( ) Form 10-K ( ) Form 10-KSB ( ) Form 20-F ( ) Form 11-K
(x) Form 10-Q ( ) Form 10-QSB ( ) Form N-SAR
For Period Ended: MARCH 31, 1995
( ) Transition Report on Form 10-K
( ) Transition Report on Form 20-F
( ) Transition Report on Form 11-K
( ) Transition Report on Form 10-Q
( ) Transition Report on Form N-SAR
For the Transition Period Ended: ______________________________
If the notification relates to a portion of the filing checked above, identify
the item(s) to which the notification relates:
________________________________________________________________________
PART I - REGISTRANT INFORMATION
NORD RESOURCES CORPORATION
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Full Name of Registrant
________________________________________________________________________
Former Name if Applicable
8150 WASHINGTON VILLAGE DRIVE
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Address of Principal Executive Office (Street and Number)
DAYTON, OHIO 45458
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City, State and Zip Code
PART II - RULES 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25 (b), the
following should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof will
be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report or transition
report on Form 10-Q, or portion thereof will be filed on or before
the fifth calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25
(c) has been attached if applicable.
PART III - NARRATIVE
Registrant, Sierra Rutile Limited ("SRL"), in which Registrant own a 50%
interest, and the other 50% owner of SRL, are currently in negotiations
with a consortium of international development banks that have loaned
approximately $46 million to SRL, regarding requests for further
forebearance and/or modifications of covenants and payment terms for
indebtedness which is currently in default due to violation of loan
covenants resulting from civil unrest in Sierra Leone, Africa. The
lenders have granted through May 15, 1995 a forebearance on accelerating
payment of the indebtedness, the amount of which is material to the
financial position of Registrant inasmuch as the Registrant would be
required to pay such amount under the various agreement with such
lenders. Registrant believes that the impact of the outcome of the
current lender negotiations is so material to its financial position
that the filing should
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reflect the results of the current negotiations.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Terence H. Lang 513 433-6307
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or 15(d)
or the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or
for such shorter period that the registrant was required to file
such report(s) been filed? If answer is no, identify report(s).
(x) YES ( ) NO
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the
subject report or portion thereof?
(x) YES ( ) NO
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
As of December 31, 1994, Registrant changed its method of accounting for
its investment in a segment of its business, from proportional
consolidation to the cost basis. The operations of this segment located
in Sierra Leone, Africa were suspended in January 1995 due to civil
unrest. Registrant's condensed statements of operations and cash flows
for the first quarter ended March 31, 1995 will not include results from
this segment, whereas the segment's results will be included in those
statements for the comparable quarter of 1994. During the first quarter
of 1995, Registrant expects to record a provision of $3,000,000 for
impairment against its investment in this same segment. In addition,
Registrant recognized income of $414,000 in the first quarter of 1994 as
its share of earnings from its 35% ownership of an affiliate which in the
same period of 1995 it recorded $209,000 as its share of losses.
Registrant anticipates that after giving effect to the above
transactions, preliminary estimates indicate that the results of
operations in 1995 will not differ significantly from results reported
in 1994.
NORD RESOURCES CORPORATION
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 15, 1995 By: s/Terence H. Lang
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Terence H. Lang,
Sr. Vice President-Finance
