CuDeco goes into administration
PERTH (miningweekly.com) – Embattled copper miner CuDeco has gone into receivership after failing to find funding solutions.
CuDeco ceased share trading in March 2018, and suspended operations at its flagship Rocklands copper project, in Queensland, in August 2018. While the suspension at the time had been classified as temporary to allow for critical maintenance work, the suspension remained indefinitely as CuDeco attempted to complete a financing restructure.
All nonessential employees were also stood down at this time, pending a restart of the operations.
The company on Tuesday announced the appointment of FTI Consulting as receivers and managers. FTI will complete a technical and financial review of the Rocklands project.
FTI said it would explore all opportunities to maximise the value of the asset, either through a recapitalisation or a restructure of the company, with a view to finance the restart of income generating activities at Rocklands, or through a trade sale.
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