CuDeco, the owners of Rocklands Copper mine near Cloncurry has officially gone into receivership.
The mine has been closed since last August and this was the company's first announcement to the ASX since early May when it said it was conducting an operational restart review.
On Tuesday, June 2, China Tonghai International Financial Limited (CTIFL) appointed Kelly-Anne Trenfield, Ian Francis and Michael Ryan of FTI Consulting as receivers and managers of CuDeco.
In a statement CTIFL said that as a consequence of the strategic review completed by the Board and certain secured lenders which considered all alternative funding and restructuring options available to the Company, CTIFL and other lenders consider that the appointment of the receivers is now in the best interests of all stakeholders of the Company.
The statement said CTIFL, Noble Resources International Pte Ltd and Gemstone 101 Ltd (a subsidiary of Valuestone Global Resource Fund) had provided receivership funding to the receivers and another company called Argonaut Securities Ltd to complete a comprehensive technical and financial review of the Rocklands Project.
"A thorough technical and financial review of the Project will be conducted, and the Receivers and Lenders immediate priority is to explore all opportunities to maximise the value of the assets, either through the recapitalisation or restructure of the Company with a view to financing the resumption of income generating activities at Rocklands, or by a trade sale," the statement said.
"The Receivers are also pleased to announce that they have engaged the services of Argonaut to act as Financial Advisor to assist with the asset realisation or corporate restructure of the Company and the Project."
The statement advised interested parties to contact Argonaut's Executive Director and Head of Asia Greg Southee to register their interest and said Argonaut would provide further announcements about the project.
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