PERTH (miningweekly.com) – South Australian gold miner WPG Resources has gone into receivership.
The company told shareholders this week that receivers were appointed following a default of the group on a A$20-million debt facility with services provider Byrnecut Group.
WPG’s assets has been used as security for the deal struck in December last year.
The receivers have now taken immediate possession of all WPG assets, and was in charge of all day-to-day operations, with WPG telling shareholders that the receivers were undertaking an immediate assessment of the company’s affairs while business continues.
WPG set record quarterly productions of 17 818 oz for the June quarter, despite its Challenger gold mine continuing to disappoint.