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Liquidators pull the trigger on Kagara

10th December 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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JOHANNESBURG (miningweekly.com) – The administrators of embattled Kagara have taken the decision to liquidate the company, after asset divestments proved unsuccessful.

The administrators said on Tuesday that despite conducting a number of negotiations with interested parties, the low commodity prices and poor market sentiment had meant that interested parties struggled to obtain funding for the acquisitions.

Earlier this year, the administrators called off two separate agreements with Lucky Metals, after the buyer failed to meet key milestones of its purchase agreements over the Northern Chillagoe, and the Thalanga and Liontown/Waterloo projects

Kagara is expected to go into liquidation on December 16.

Edited by Creamer Media Reporter

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