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Coolgardie Minerals has entered voluntary administration just months after gold production launched at its Geko project in Western Australia.
The miner will put its Geko project up for sale while exploring other debt restructuring and capital raising alternatives.
Mining issues at Geko had led to delays and significant additional costs, which were not budgeted and are unfunded, voluntary administrators Pitcher Partners said.
In September last year, Coolgardie had an offtake agreement with Northern Star Resources for 100,000 ounces of gold from Geko at $1650 per ounce. This was expected to generate $10 million in revenue.
Coolgardie managing director Bradd Granville said at the time, This agreement is a si…
Read the full article at: https://www.australianmining.com.au/news/coolgardie-minerals-enters-voluntary-administration/