Abra Mining goes into administration
Richard Tucker and Robert Hutson of KordaMentha Restructuring have been appointed as voluntary administrators of Abra Mining, which owns and operates a lead and silver mine in the Gascoyne region of Western Australia.
The appointment of administrators follows efforts by the company and its stakeholders to recapitalise the business.
The Abra mine remains in operation, while the administrators will seek offers to recapitalise or acquire the company or its assets.
Abra has a resource of 33.4-million tonnes at an average lead grade of 7.1% and 17 g/t of contained silver.
“The Abra mine is a world class asset with an initial mine life of more than 13 years, as well as considerable exploration potential with copper/gold mineralisation below the lead/silver deposit,” said Tucker.
“We intend to continue to operate the mine during the administration while we seek offers to recapitalise the company through a sale or deed of company arrangement process. We are asking all suppliers and stakeholders to work with our team to ensure value is preserved and a sale or recapitalisation can be completed as quickly as possible for the benefit of all stakeholders.
“This is an excellent asset that will attract considerable interest from local and offshore investors.”
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