Rivet Mining Services has gone into administration after being hit by excessive climate occasions, venture delays, labour shortages and rising prices.
Chris Hill, Vaughan Strawbridge and Hayden White from FTI Consulting have been made receivers and managers of the business, which gives bulk haulage and ancillary onsite companies to mining firms in WA.
The motion solely pertains to the mining companies business and never the broader Rivet Group.
“RMS is the only trading entity subject to the appointment of voluntary administrators and none of the other businesses of the Rivet Group are impacted,” FTI stated.
It seems that primarily based on a preliminary evaluation, the mining business was “deeply affected” by a number of antagonistic financial components together with dangerous climate, venture points, bother discovering staff and value pressures.
“The other group businesses will continue to trade in their usual manner and have the ongoing support of their senior secured lender to ensure that customers, suppliers and employees are not adversely impacted,” FTI stated.
Mr Hill, Mr Strawbridge and Mr White have additionally been appointed as receivers of Blondie Trading, the dad or mum firm of Rivet Group.
The goal of the appointment to Blondie was to take management of the group at a holding firm degree and guarantee it was not adversely impacted by the mining business’s insolvency, FTI stated.
Source: www.perthnow.com.au
