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The news prompted shareholder optimism, bumping the stock 9.2% higher Thursday in Toronto. Under the approved normal course issuer bid (NCIB), Trevali plans to buy up to 40 million common shares over the next 12 months, or about 6.5% of its issued and outstanding shares, for cancellation.
The company has about 831.2 million shares outstanding.
It has appointed BMO Nesbitt Burns to conduct the NCIB on its behalf.
The NCIB will expire on November 18, 2019.
Trevali said it believed that initiating the NCIB represented an attractive use of cash, with now being an opportune time to return cash to shareholders.
Last week, the Vancouver-based miner reported a US$30.8 million September-quarter net loss, citing a "challenging quarter from an African logistics and commodity price volatility perspective".
