Navarre calls in administrators
PERTH (miningweekly.com) – Metals miner Navarre Minerals has called in administrators days after the company suspended share trade.
The company in mid-June called a trading halt as it continued confidential discussions relating to a potential restructure of its principal financing arrangements which included a $7-million finance facility and associated offtake contract with major Glencore International and an existing environmental bonding facility.
The administrator, BDO, said this week that they had started an urgent assessment of the business and would shortly commence a process to seek proposals to restructure or recapitalise the business.
Navarre holds a number of gold and copper operations in Queensland and Victoria, including the producing Mt Carlton operation. In the three months to March, Navarre produced 4 098 oz of gold, 159 907 oz of silver and 338 t of copper from the operation.
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