More than 150 staff have misplaced their jobs and an extra 45 workers are in danger after Queensland miner Aurora Metals entered voluntary administration following an unsuccessful public providing and plummeting zinc worth.
KordaMentha has been appointed to supervise the sale and recapitalisation of the group’s mining and processing property, which embody zinc, copper, lead, gold and silver manufacturing amenities.
Aurora’s 4 underground mines and processing crops at Mt Garnet and Chillagoe in northern Queensland have been positioned on care and upkeep, in addition to numerous different prospects in improvement, the administrator mentioned in a press release.
“The Aurora Metals Group will undoubtably attract interest given its portfolio of assets and the current environment where battery metals are in strong demand,” KordaMentha’s Richard Tucker mentioned on Monday.
Aurora unsuccessfully tried an IPO in 2022 after which didn’t discover a purchaser on the open market.
A 40 per cent decline within the zinc worth through the previous 10 months has compounded the group’s difficulties.
According to its web site, the corporate previously referred to as Consolidated Tin Mines has entered voluntary administration 3 times earlier than: in 2012, 2016 and 2017.
Aurora’s mines have been positioned on care and upkeep since May, with 150 workers dropping their jobs, a spokesman for the voluntary administrator AAP.
About 45 staff stay employed by the group with the primary assembly of collectors set for subsequent week.
Source: www.perthnow.com.au
