https://www.miningweekly.com

Windimurra operator placed in administration

12th February 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Atlantic has called in administrators for its operating subsidiary Midwest Vanadium, which owns the Windimurra vanadium and iron-ore project, in Western Australia, after the company’s note holders and major shareholders were unable to agree on the restructure of Midwest Vanadium.

Discussions between shareholder Droxford International and the note holders have been under way since February last year, regarding additional funding required to implement Midwest Vanadium’s business plan to restart the Windimurra project, after a fire ripped into the beneficiation plant, causing some A$100-million in damages.

Atlantic told shareholders on Thursday that the parties have not been able to reach a mutually-acceptable agreement, and as a result, the discussions have now been terminated. As a result, administrators have been appointed to Midwest Vanadium, as there was no reasonable prospect for a consensual restructure being agreed upon.

The note holders have also appointed receivers and managers to Midwest Vanadium

With some A$13.5-million cash-in-hand, Altantic itself would continue to operate, and the company said on Thursday that it would continue to progress its insurance claim on the Windimurra fire.

To date, Atlantic and Midwest Vanadium have received A$87-million from insurers in relation to claims, and Atlantic believed that further material amounts were due and payable under the policies.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Advanced Fire Suppression Technologies
Advanced Fire Suppression Technologies

Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...

VISIT SHOWROOM 
Bell Equipment
Bell Equipment

As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.043 0.853s - 110pq - 2rq
Subscribe Now