Sherwin goes into voluntary administration
PERTH (miningweekly.com) – Junior iron-ore company Sherwin Iron went into a trading halt on Friday as the company entered voluntary administration after failing to secure financing.
Sherwin had previously warned shareholders of the need to secure capital in order to fund its short-term and medium-term obligations, with the junior relying on A$10-million cash being held in escrow under its major debt facility, after a share purchase plan and rights issue failed to raise the necessary funding.
Sherwin said on Friday that it had been unable to secure the release of the cash within the timeframe required.
The company’s subsidiaries Sherwin Iron (NT) and South Murchison Mines have also been placed into voluntary administration.
Sherwin’s directors would now work with administrators and receivers to determine the future of the company.
Sherwin’s major asset is the Roper River project, in the Northern Territory, where it was granted a 40-year mining lease in June this year.
The Roper River project was expected to start at an initial export volume of up to three-million tons a year, which would be shipped across East Arm Wharf. The project has an indicated resource of some 39.5-million tons grading 57.9% iron.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation

















