PERTH (miningweekly.com) – ASX-listed Pluton Resources has launched a bond offering worth £25-million to fund the development of the Irvine Island and Cockatoo Island projects, off the coast of Western Australia.
The bond offering is being made through subsidiary Irvine Island Finance Corporation.
Pluton in March retired receivers and managers after reaching an agreement with project house Watpac to repay its debts within a period of two months.
The Pluton administrators ordered Watpac in November last year, to limit the scope of work being undertaken at the Cockatoo Island operations, after the mining services contract was suspended following Chinese creditor Rizhao Port Group's decision to appoint receivers and managers to Pluton.
Pluton subsequently reached an agreement with Rizhao on a revised payment regime to satisfy the debt owed to the Chinese firm. The company also ordered a shipment of ore to its security holder General Nice Resources Commercial Offshore De Macaw Limitada.