Aussie mining company collapses

In Down Tools, Exploration, Featured, Investor Relations, Latest News, Resource Extraction & Processing
Laguna Gold

The future of an Australian-owned mining company is in limbo after announcing its insolvency.

Melbourne-based Laguna Gold recently appointed PricewaterhouseCoopers (PwC) as administrators for the exploration company.

In a notice published by the Australian Securities and Investments Commission on December 19, Laguna exercised its right under section 436A of the Corporations Act (2001) to nominate PwC partners Craig Crosbie and Michael Fung as responsible decision-makers for the company.

According to commercial law firm Wolters Kluwer, Laguna has the right to appoint an administrator of the company in writing, if the board decides the company has become “insolvent, or is likely to become insolvent at some future time” and an “administrator of the company should be appointed”.

Laguna specialises in precious and base metal exploration in Chile, South America.

It completely owns all assets in its portfolio, including the El Toqui Zinc, Lead, Gold and Silver Mine in Region XI, 838 miles south of Santiago.

“El Toqui will become a centralised production facility for potential new commercial discoveries,” the company said on its website.

The company also owns the Katterfeld Gold and Copper Project, Santa Teresa Gold and Copper Project and Terrazas Gold Project. It has also established a regional exploration agreement with Newmont Mining to explore Region XI for an initial two-year period.

Laguna held its first meeting with creditors of the company on January 3 at the CPA Australia office in Southbank, Victoria.

“The purpose of the meeting(s) is to consider whether to appoint a committee of inspection and, if so, who are to be the committee’s members,” Laguna said in a statement to ASIC. “At the meeting creditors may also, by resolution, remove the administrator(s) from office and appoint someone else as administrator(s) of the company.”

 

You may also read!

Easternwell

Two contracts awarded for $200M gas project

A well drilling contractor and building material manufacturer have each been awarded a tender for a $200 million natural

Read More...
BHP South Flank landing sunset

Virus outbreak confirmed at metal mines

A severe infection has been diagnosed several times at two mines owned by a multinational resources giant. Six cases

Read More...
Man being electrocuted Adobe Stock

New safety code takes aim at unlicensed workers

New rules are hoped to deter dodgy businesses from hiring unlicensed workers to perform dangerous jobs. Only licensed electricians

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu