Navigator appoints administrator
PERTH (miningweekly.com) – Embattled Navigator Resources has appointed an administrator to undertake an immediate assessment of the company and to determine the options available to restructure and consolidate its position.
The administrator would also undertake an urgent review of the struggling Bronzewing operation, with a view of placing the project on care and maintenance to minimise any further losses.
Navigator had been on the hunt working capital funds, after the Bronzewing project failed to deliver on its production forecasts at the end of December.
The company had prevously reviewed its mine plan at Bronzewing, changing the pit sequencing, strip ratios and configuration of the heavy mining equipment fleet in an effort to increase production and optimise operations.
The administrators said that they would assess the company’s gold mining projects to determine the best strategy for realising the maximum value from them for the benefit of shareholders.
Shareholders were asked to refrain from contacting the administrators, and were told that more information would be made available as the process continued.
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