KPMG appointed voluntary administrators of Jervois Global
ASX- and TSX-V-listed cobalt company Jervois Global has officially entered voluntary administration, with KPMG appointed as administrators on March 12. David Hardy and Gayle Dickerson of KPMG have been named as joint and several voluntary administrators of Jervois and its subsidiaries, which include key assets in Finland, the US, and Brazil.
Jervois operates a cobalt facility in Finland, a nonoperational cobalt mine in the US, and a nonoperating nickel/cobalt refinery in Brazil.
The appointment follows a confirmation order from the US Bankruptcy Court for the Southern District of Texas last week, approving the Chapter 11 plan of reorganisation for Jervois Texas, and several debtor subsidiaries.
The filing of the Chapter 11 cases in January marked the beginning of this restructuring process. The restructuring support agreement, established with Jervois’ lender Millstreet Capital Management, outlines a proposal under which Millstreet intends to submit a Deed of Company Arrangement proposal to the administrators.
KPMG Australia’s Ian Sutherland, Partner in the firm’s turnaround and restructuring services, commented that the immediate focus of the administrators was to ensure continuity of the underlying operations of the companies.
"The companies intend to operate on a business-as-usual basis and do not envisage any changes to the various operations of the companies," said Sutherland.
Further, KPMG has invited interested parties to submit proposals for the sale or recapitalisation of the companies, with specific interest requested for the mining tenements associated with the Nico Young nickel/cobalt project in Young, New South Wales, Australia. Submissions for these tenements must be received by 5:00pm AEDT on March 19, 2025.
Comments
Research Reports
Projects
Latest News
Showroom
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
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
