JOHANNESBURG (miningweekly.com) – Australia-based miner Consolidated Tin Mines has appointed Hall Chadwick’s Blair Pleash and Kathleen Vouris as voluntary administrators, following the company’s failure to secure funding arrangements to address its working capital requirements.
Consolidated Tin Mines has been engaged in negotiations regarding its working capital requirements and funding options for some time and the delay in receipt of working capital funding had caused “much concern and stress to the company”.
“The directors see voluntary administration as the only option now to allow time to secure working capital necessary to meet current company and progress future plans,” chairperson Ralph de Lacey said in a statement on Tuesday.
He added that the board was disappointed that, despite its best efforts, funding could not be concluded in a timely manner.
“We will continue to work with the company’s administrators to help them achieve the best outcome for all stakeholders,” he said.