The owner of the Drakelands openpit mine in the UK has run out of money and has gone into voluntary administration.
Speciality metals producer Wolf Minerals announced on Wednesday that it had failed to secure funding and that it was not in a position to meet its short-term working capital requirements to continue operations at the mine.
As a result, the company’s wholly owned subsidiary, Wolf Minerals UK, has ceased trading.
Martin Jones and Ryan Eagle of Ferrier Hodgson have been appointed as voluntary administrators.
The company’s depository interests have been suspended from trading on Aim. Its shares remain suspended from trading on the ASX.
Wolf said earlier this week that it had only two days to finalise funding agreements with its key financial stakeholders to develop a longer term funding solution.
The Drakelands openpit mine is part of the Hemerdon tungsten and tin project, in Devon, south-west England.