PERTH (miningweekly.com) – Iron-ore junior Pluton Energy was working to right its ship, announcing on Tuesday that it had reached an agreement with junior creditor Rizhao Port Group on a revised payment regime to satisfy debt owed to the Chinese firm.
Rizhao instigated a near capsize of Pluton in early November this year, appointing receivers and managers to Pluton, which prompted fellow-listed Watpac to suspend an existing mining services contract at the Cockatoo Island project.
Pluton subsequently turned to security holder General Nice Resources Commercial Offshore De Macaw Limitada (GNR), which appointed its own administrators to Pluton, and negotiated with Watpac the restart of a limited scope of work at the Cockatoo Island operations.
Pluton said on Tuesday that Rizhao’s administrators have now been retired, and the company has agreed to a revised repayment regime, backed by GNR.
Meanwhile, Watpac has also been ordered to load a shipment of ore for delivery to GNR, with the company agreeing to pre-pay for the shipment in order for operations at the Cockatoo Island project to resume.