Shen Yao, once known as LionGold, is under scrutiny after its Australian subsidiary, Balmaine Gold, faced administration due to a significant reduction in gold production, attributed to insufficient storage capacity for mine waste. The crisis unfolded as Balmaine Gold, which took control of the Ballarat mine in 2012 through the acquisition of Castlemaine Goldfields, struggled financially, leading to its immediate parent company, Golden Point, entering administration in July 2023. Liquidator Cameron Shaw’s report suggests potential insolvency trading since October 2022 and breaches of corporate duty by Golden Point’s directors.
Background and Financial Turmoil
In late 2022, Balmaine Gold encountered operational challenges…
Read the full article at: https://bnnbreaking.com/finance-nav/shen-yao-faces-repayment-demand-amid-balmaine-golds-insolvency-crisis-and-mine-production-cuts