The gold mine at the centre of WAs latest corporate collapse will remain open while insolvency experts assess what can be salvaged for creditors owed more than $100 million.
Administrators from FTI Consulting were called into Gascoyne Resources by its directors on Sunday, only weeks after raising $24.5 million from shareholders and creditors through brokers Hartleys and Argonaut to shore up its balance sheet.
In the absence of a recapitalisation, the collapse has wiped out the holdings of nearly 2600 shareholders, including creditors NRW Holdings and Commonwealth Bank.
Gascoyne had struggled over the past year to overcome problems at its new Dalgaranga gold mine near Mt Magnet, where production and gold grades have fallen well short of expe…
Read the full article at: https://thewest.com.au/business/mining/what-can-administrators-salvaged-from-gascoyne-resources-collapse-ng-b881219739z