Receivers appointed to Cloncurry miner CuDeco
China Tonghai International Financial Limited (CTIFL) has appointed three members of FTI Consulting as receivers and managers of CuDeco following a strategic review of funding and restructuring options.
Operations at CuDeco’s Rocklands copper mine have been suspended since August 31 last year.
In a quarterly update in May the company said it had continued to stand down “non-essential” personnel during the quarter as Rocklands remained on care and maintenance.
The company’s shares have been in a trading halt and financial statements since the half-year to December 2017 remain to be finalised.
The receivers said they had secured funding from a group of lenders including CTIFL to complete a technical and financial review of the Rocklands project.
“A thorough technical and financial review of the Project will be conducted, and the receivers’ and lenders’ immediate priority is to explore all opportunities to maximise the value of the assets, either through the recapitalisation or restructure of the company with a view to financing the resumption of income generating activities at Rocklands, or by a trade sale,” the receivers said in a statement to the ASX.
“The receivers are also pleased to announce that they have engaged the services of Argonaut to act as financial advisor to assist with the asset realisation or corporate restructure of the company and the project.”