PERTH (miningweekly.com) – An order by the Western Australian Supreme Court to wind up ASX-listed Eastern Goldfields has been set aside, with the miner on Friday announcing that the winding up process had been terminated and that the company had been returned to its directors.
Assay provider Genalysis Laboratory Services earlier this week lodged the winding up case, on account of the non-payment of some A$383 000 for services rendered.
Eastern Goldfields told shareholders on Friday that the company had been in ongoing discussions with Genalysis in relation to the payment of this amount, which was made on the day that the case was heard in the Supreme Court.
The application has now been set aside on the basis that Genalysis has been paid and that Eastern Goldfields is solvent, and that both creditors and shareholders of the company will be prejudiced if the winding up is not terminated.
“I am very pleased with the outcome of this morning’s hearing. This is a good outcome for our employees, investors and contractors and allows the company to continue with its operations,” said Eastern Goldfields executive chairperson Michael Fotios.
“Our focus has been on building Eastern Goldfields into a premier Australian gold producer through the recommencement of mining at the Davyhurst mining hub. With operations now well under way and gold being produced, the board will now focus on addressing administration and management issues in front of the company.”
Eastern Goldfields is also facing a winding up application from Deloitte Tax Services, which was due in court in September, and is facing a legal battle with ASX-listed GR Engineering over costs associated with work done on the Davyhurst gold processing plant.