Strandline enters voluntary administration
The board of Australian mineral sands project developer Strandline Resources on Monday announced that the company had entered voluntary administration.
Thomas Birch and Jeremy Nipps of Cor Cordis have been appointed administrators.
The board said in a statement that Strandline had been working to improve the operating performance of its Coburn mineral sands project, while working with its advisers and secured lenders to conclude debt restructure negotiations.
“While good progress was being made on both fronts, the company needed to fund an ongoing working capital requirement to bridge through to completion of the restructure. Negotiations with various parties including with major offtakers, key contractors, strategic investors and the secured lenders regarding an injection of funds from one or more of those sources had progressed to an advanced stage and had been expected to be successfully completed. Unfortunately, following recent developments associated with those negotiations, the board has formed the position that it no longer considers it likely that these sources of funding will be completed in either an acceptable timeframe or on acceptable terms,” the Strandline board stated.
In the absence of the funding, the directors appointed administrators to both Strandline and its operating subsidiary Coburn Resources.
The secured lenders are expected to appoint a receiver and manager over those entities.
The Coburn operation is designed to process ore to recover three main critical mineral products - zircon and titanium ores of rutile and ilmenite.
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